NOTICE OF AUCTION SALE
UNITED STATES BANKRUPTCY COURT
WESTERN DISTRICT OF MICHIGAN
In re:
Jordan River Resources, Inc. Case No. DL07-01747
Chapter 11
Debtor.
____________________________/
In re:
Redstone Energy Corporation Case No. DL07-01750
Chapter 11
Debtor.
_____________________________/
In re:
Superior Petroleum Corporations Case No. DL07-01786
Chapter 11
Debtor.
_____________________________/
In re:
Apple Tree Resources, Inc. Case No. DL07-02139
Chapter 11
Debtor.
______________________________/
NOTICE OF AUCTION SALE OF CERTAIN ASSETS OF THE CAPTIONED DEBTORS FREE AND CLEAR OF LIENS, ENCUMBRANCES AND INTEREST
The Chapter 11 Trustee of the captioned estate, James W. Boyd, has entered into a certain Third Amendment of Purchase Agreement with Shale Royalties 5, Inc. for the remaining oil and gas assets of the captioned Debtors and certain Related Entities (these assets include interests in oil and gas leases and membership interests in entities that hold oil and gas interests). There will be an auction sale of such oil and gas interests conducted at the offices of the “Liquidating Agent” of the captioned Debtors and certain Related Entities, Stephen A. Metzler, 1800 W. Big Beaver Rd., Troy, MI 48084, at 10:00 a.m. Eastern Standard Time on December 11, 2008. The bidding procedures are set forth in a certain order of the Bankruptcy Court granting the Trustee’s Motion to establish Uniform Bidding Procedures that can be obtained from the United States Bankruptcy Court for the Western District of Michigan (Docket No. 436) or can be obtained from counsel for the Chapter 11 Trustee, Ronald A. Schuknecht, 402 Union Street, P.O. Box 784, Traverse City, MI 49685, Telephone: 231-947-2310, Fax: 231-947-2138, E-mail: ron@lsklegal.com). All bids must be tendered to Stephen Metzler, the Liquidating Agent, at the address provided above no later than 5:00 p.m. on December 5, 2008 together with the cash deposits provided for in the bidding procedures order. Please refer to the bidding procedures order for the other requirements for the bid itself.
Due Diligence
Upon request by a prospective competitive bidder to the Trustee and the Liquidating Agent, the Trustee and Liquidating Agent shall, upon a determination by the Trustee and the Liquidating Agent, that such competitive bidder’s interest in the Remaining Assets is a bona fide and not for any improper purpose, and subject to such appropriate provisions for confidentiality as the Trustee and Liquidating Agent deem appropriate, provide such competitive bidder with access to relevant business and financial information reasonably necessary to enable such person to evaluate the remaining Assets for the purpose of submitting a bid and that is in the possession and control of Trustee and Liquidating Agent.
The assets to be sold consist of the interests of the four captioned Debtors and certain Related Entities that consist primarily of working interests in oil and gas leases located in the states of Oklahoma and Texas and Membership Interest in various limited liability companies that in turn hold interests in oil and gas leases commonly known as the “Spindletop” field.
A hearing to confirm the sale, either to Shale 5, Inc. or the successful bidder, will be held before the United States Bankruptcy Court for the Western District of Michigan at its Courtroom located in Grand Rapids, Michigan, at approximately 10:00 a.m. on Friday, December 12, 2008. The sale shall be free and clear of any liens, encumbrances or other interests.
Any inquiries with regard to this process may be directed to either Ronald Schuknecht, whose contact information is set forth above, or the attorney for the Related Entities and the Debtors, Jerome D. Frank, 30833 Northwestern Hwy., Suite 205, Farmington Hills, MI 48334, Phone: 248-932-1440, Fax: 248-932-1443, E-mail: jfrank@frankfirm.com.
