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Energy & Exploration Partners Objections Filed

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Halcon Resources (HRC, HEPI) and Cactus Wellhead filed with the U.S. Bankruptcy Court separate objections to Energy & Exploration Partners’ proposed assumption of that certain Purchase and Sale Agreement, PSA (Non-Producing Properties) dated March 5, 2012, by and between ENXP, as seller, and HEPI, as purchaser.

Halcon Resources asserts, “As an Offeree under the PSA, ENXP elected to acquire a 25% interest in certain oil and gas leases, and HEPI paid 100% of the amounts owed to extend the terms of such leases (the ‘Lease Extension Payments’). As of the date hereof, ENXP has failed to remit payment to HEPI on account of ENXP’s proportional share of the Lease Extension Payments, as required under the PSA, in the aggregate amount of $720,618.51….The Assumed Contract Schedule was only filed on the docket through the Plan Supplement, and no Assumption Notice listing cure amounts has been filed on the docket. Despite the thousands of contracts listed on the 120-page Assumed Contract Schedule, only two creditors—in Docket Nos. 680 and 681—have filed objections to the proposed cure amounts. Notwithstanding clear notice to all in the Plan that the cure objection deadline is fourteen days after the Effective Date, the Debtors, in their brief in support of confirmation, have implied that a bar date earlier than the date noticed in the Plan may apply.”

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