BANKRUPTCY NOTICE
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION
IN RE: §
§
GULF COAST OIL CORPORATION, § CASE NO. 08-50213
§
CENTURY RESOURCES, INC., § CASE NO. 08-50214
and §
NEW CENTURY ENERGY CORP., § CASE NO. 08-50215
§
Debtors. § Chapter 11
§ Jointly Administered Under 08-50213
NOTICE OF PUBLIC AUCTION AND SALE HEARING
PLEASE TAKE NOTICE that on December 19, 2008, Gulf Coast Oil Corporation (“Gulf Coast”), Century Resources, Inc. (“Century Resources”), and New Century Energy Corp. (“New Century”), and debtors and debtors-in-possession in the above-captured chapter 11 cases (collectively, the "Debtors" or "Sellers") filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Court”) a motion for the authority to sell all or substantially all of the assets (the “Sale Motion”). Among other things, the Debtors seek the Court’s approval, pursuant to Sections 105, 363 and 365 of Chapter 11 United States Code (the “Bankruptcy Code”), of:
(i) the sale at auction (a “Sale”) of all or substantially all of the Debtors’ assets (the “Assets”) free and clear of all liens, claims, and encumbrances (with all liens, claims and encumbrances to attach to the proceeds in the same priority and validity that existed on the Assets); and pursuant to an asset purchase agreement entered between the Debtor and the purchaser of the Assets;
(ii) the assumption and assignment of certain executory contracts and unexpired leases;
(iii) following the auction; approval of the Sale; and
(iv) other related matters.
The assets include over 19,000 net acres in McMullen, Matagorda, Wharton, Jim Hogg, and Goliad County, Texas. Key highlights of the operated properties include:
- 1.5 MMBBL of proved oil reserves (Aug ‘08) 10.2 BCF of proved gas reserves (Aug ‘08)
- 650 BPD (Dec ’08)1.2 MMCFPD (Dec ’08)
- Most properties 100% WI
- Behind-Pipe Potential and possible development opportunities on owned acreage
PLEASE TAKE FURTHER NOTICE that the terms and conditions of the proposed sale to the Proposed Purchasers are set forth in the Sale Motion. All bids must be received by the Debtors no later than 12:00 noon Eastern time on January 23, 2009 to be considered by Debtors.
PLEASE TAKE FURTHER NOTICE that the terms and conditions of the Sale Procedures (the “Sale Procedures”) are set forth in the Sale Motion. All interested bidders should carefully read the Sale Motion.
PLEASE TAKE FURTHER NOTICE that, pursuant to the terms of the Sale Motion, an auction (the “Auction”) to sell the Assets will be conducted at the United States Courthouse, Courtroom 400, 515 Rusk Ave., Houston, TX 77002, on January 27, 2009, at 9:30 a.m. (prevailing Central time) (the “Auction Date”). Only a Qualifying Bidder (as defined in the Sale Motion) and their advisors who submit a Qualified Bid by no later than 12:00 PM Eastern Time on January 23, 2009, as well as other parties specified in the Sale Motion, will be permitted to participate in and/or make any statements on the record at the Auction.
PLEASE TAKE FURTHER NOTICE that the Auction is subject to the terms and conditions of the Sale Motion, which shall control in the event of any conflict and the Debtors encourage parties in interest to review such documents in their entirety. A copy of the Sale Motion may be obtained by written request made to counsel to the Debtors, David Zdunkewicz, 600 Travis, Suite 400, Houston, TX 77002, Telephone: (713) 220-4200, Facsimile: (713) 238-7106 or via email
dzdunkewicz@andrewskurth.com.
