Storm Cat Energy Corp.

Transaction Type
Sellers
Marketers
Basin
Powder River
Post Date
Estimated Price
0MM
Description

Storm Cat Energy Corp., Denver, (Amex: SCU; Toronto: SME) has filed Chapter 11 bankruptcy and has retained Parkman Whaling LLC to seek strategic alternatives including asset sales or a merger. Storm Cat assets include 66,042 gross acres (49,436 net) in the Powder River Basin in Wyoming with 184 million cubic feet of net reserves with a potential of 75 billion cubic feet; 24,500 gross acres (18,500 net) in the Arkansas Fayetteville shale 1.64 billion cubic feet net reserves with a potential of 195 billion; and approximately 78,000 gross acres with multiple coal seams in Elk Valley in British Columbia with 24 total wells (nine producing, all operated) with 1,645 billion cubic feet net reserve potential. "Storm Cat has been exploring since mid-May numerous alternatives to improve liquidity, including raising capital, refinancing outstanding debt or the potential sale of assets," the company reports. "Unfortunately, as a result of falling commodity prices and the global financial crisis Storm Cat has been unsuccessful to date." Call Parkman Whaling, 713-333-8400.