On May 8, 2015, American Eagle Energy Corporation (“American Eagle”) and its wholly-owned subsidiary AMZG, Inc. (collectively, the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Colorado (Denver).
The Debtors are seeking to have their cases jointly administered under the lead case of In re American Eagle Corporation
[Case No. 15-15073].
According to the Debtors’ Emergency Motion for Authority to Use Cash Collateral
(the “Cash Collateral Motion”), during the past five years, the Debtors have been engaged in exploration and production activities in southeast Saskatchewan, Canada and in the northern United States. But in July 2014, the Debtors sold all of their working interests in Canada to focus on exploration and production opportunities in North Dakota and Montana, particularly in Divide County, North Dakota in the area commonly referred to as the “Spyglass Area.” Cash Collateral Motion at 2-3.
In American Eagle’s bankruptcy petition, the Debtors list total assets of approximately $211.8 million and total liabilities of approximately $215.2 million. Petition at 4. For its part, AMZG, Inc. has no operations or assets and its only debt are guarantee claims on American Eagle obligations. Cash Collateral Motion at 2.
A copy of the Cash Collateral Motion can be accessed here: Download Cash Collateral Motion