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Message: Galaxy Energy going into Chapter 7

Galaxy Energy going into Chapter 7

posted on Jan 03, 2009 01:19AM

I wonder the next move for Bruner as the remaining assets are still exploitable - whether Petrohunter would absorb the properties at a discount ? or whether they will try and carry on ?..... too bad for the shareholders but it was coming

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Galaxy Energy Corp. and subsidiary Dolphin Energy Corp. are asking their Chapter 11 bankruptcy filings be converted to Chapter 7 proceedings.

The motion was filed in U.S. Bankruptcy Court in Denver on Dec. 31.

Denver Business Journal

The development-stage oil and gas company made the Chapter 11 filing in March.

Denver-based Galaxy Energy was formed in late 1999 as Galaxy Investments. The company changed its name in 2003.

Galaxy Energy disclosed in February it was unable to file its annual or quarterly report, but revealed it expected to post a loss of $20 million for the year ended Nov. 30, compared to a net loss of $26 million a year earlier.

For its most recent filing, covering the nine months through Aug. 31, Galaxy Energy lost $8.8 million on revenue of $419,672. For the year-ago period, the loss reached $14.5 million on revenue of $447,232.

Galaxy has interests in the Powder River Basin in Wyoming and Montana and the Piceance Basin of Colorado.



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