Houston Attorneys:Board Certified Bankruptcy Lawyer

713-623-4242

Debt Management Law News

February 4, 2010

Cross Canyon Energy files for Ch. 11

Cross Canyon Energy Corp. has filed for Chapter 11 bankruptcy reorganization.

The Spring-based company engages in exploration and production of oil and natural gas properties.

In a voluntary petition with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, Cross Canyon (OTCBB: CCYE) said it had to file because overall economic conditions, a decline in commodity prices and the fact that the company’s operating results caused it to fall behind in making debt payments.

The company listed its total assets as $20.8 million, and its liabilities at $55.3 million as of Dec. 31, 2009.

Its largest unsecured creditors include Houston-based Vinson & Elkins LLP; Freer-based Dorsal Services Inc. and Brooklyn, N.Y.-based CG Trust.

Cross Canyon will continue to manage its properties and operate as usual throughout the reorganization process.

The company was founded as Sandy, Utah-based ABC Funding Inc. by Harold Barson in 2002 and incorporated as a Nevada corporation in 2004, according to U.S. Securities and Exchange Commission filings. ABC Funding moved its headquarters to the Houston area after acquiring some assets of Voyager Gas Corp. in 2008. It changed its name to Cross Canyon and its headquarters to Spring in March 2009.

Sometimes, debt can be overwhelming, and bankruptcy becomes necessary.
Bankruptcy can sometimes be difficult. If you are considering bankruptcy, contact the Houston bankruptcy lawyers of Weston & Associates, PLLC at 713-623-4242

houston.bizjournals.com


More...