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Gold/Mining/Energy : ATPG Shareholders
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From: Kramer386/23/2013 9:36:13 PM
3 Recommendations

Recommended By
everett2
greatpricepearl
rickhammer

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The following is included in the DIP lenders proposed revised Sale Order (filed with the court last week.) This language, (if adopted by the court) pretty much clears up that the term and permanent ORRI are an assumed encumbrance when combined with the proper listing of these ORRI as such on Exhibit A-2 of the PSA. This language was inserted in this revision and was not present in the prior version, most probably as a concession to the owners of these interests, to once and for all satisfy all the objections various royalty and ORRI owners have had with this deal.

This should clear a major hurdle for the court in approving the sale of assets to the DIP.

The complete document is attached for your review.



22. As of the Closing, Purchaser shall be responsible in accordance with applicable

Law for all liabilities relating to decommissioning and plugging and abandonment with respect to

the Purchased Assets arising by virtue of Purchaser’s ownership of such assets, (b) the Purchased

Assets do not include any assets of third parties, including any third party's right, title or interest in

any lessors' royalties, overriding royalties, net profits interests, carried interests, production

payments or reversionary interests and (c) as of the Closing, Purchaser shall have purchased the

Purchased Assets subject to any Assumed Encumbrances (to the extent not otherwise discharged

pursuant to this Sale Order) and Excess Senior Liens.

Notice of Filing of Further Revised Proposed Order Approving Debtor's Emergency Motion for Entry of an Order Pursuant to 11 U.S.C. § 365(a) (I) Authorizing Omnibus Rejection of Certain Unexpired Leases Related to the Debtor's Remaining Properties, Relinquishment, and Abandonment of Any Interests Related Thereto and (II) Approving Procedures for the Rejection of Executory Contracts and Unexpired Leases
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