Storm Cat Energy eyes settlement with Pearl Investment, affiliates

By Lisa Kerner

Charlotte, N.C., Jan. 4 - Storm Cat Energy (USA) Corp., Storm Cat Energy (USA) Operating Corp. and Storm Cat Energy (Powder River) LLC asked the court to approve a settlement agreement with Pearl Investment Co., Inc., Pearl Field Services, LLC and Epic Integrated Services, Inc., according to a Jan. 4 filing with the U.S. Bankruptcy Court for the District of Colorado.

Under the settlement, Pearl will have an allowed claim in the Storm Cat Energy (USA) case of $537,572.16, a claim of about $4.5 million in the Storm Cat Energy (USA) Operating case and no claim in the Storm Cat Energy (Powder River) case, the filing said.

As previously reported, Storm Cat Energy's disclosure statement was approved in December, and its plan confirmation hearing is set for Feb. 7.

Storm Cat, an oil and gas company with headquarters in Denver and Calgary, Alta., filed for bankruptcy on Nov. 10, 2008. The Chapter 11 case number is 08-27887.

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