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Red Mountain Resources Extension Sought

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Red Mountain Resources filed with the U.S. Bankruptcy Court a second motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including October 7, 2016 and December 9, 2016, respectively.

The motion explains, “The Bidding Procedures Order established the groundwork for a sale process culminated in a sale hearing on August 9, 2016….The closing of such sale on August 31, 2016 to Black Mountain Operating, LLC has resulted in the satisfaction of substantially all of the Debtors’ secured indebtedness. Because closing did not occur until the end of August, it has not been possible for the Debtors to formulate a plan of reorganization before the currently-established expiration of exclusivity three business days later.”

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