Baseline Oil & Gas Consummates Its Chapter 11 Prepackaged Plan of Reorganization; Reorganized Baseline to Continue as a Privately Held Company

Baseline Oil & Gas Consummates Its Chapter 11 Prepackaged Plan of Reorganization; Reorganized Baseline to Continue as a Privately Held Company - Yahoo! Finance.gnwlistitemmarginbottom {margin-bottom: 10.0px} .gnwtablebottommargin {margin-bottom: 10.0px} .gnwcellpaddingleft0 {padding-left: 0.0px} .gnwverticalaligntop {vertical-align: top} .gnwtextaligncenter {text-align: center} .gnwcellparagraphmargin {margin-bottom: 0px; margin-top: 0px} .gnwverticalalignbottom {vertical-align: bottom} .gnwwhitespacenowrap {white-space: nowrap} .gnwtextalignright {text-align: right} .gnwcellpaddingright0 {padding-right: 0.0px} .gnwunderlinestyle {text-decoration: underline} .gnwtextalignleft {text-align: left} .gnw_heading {font: 16px Arial; text-align: center} .gnw_subhead {font: 12px Arial; text-align: center} .gnw_colhead {font: 12px Arial; text-align: center} .gnw_colhead_uline {font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;} .gnw_colhead_dline {font: 12px Arial; text-align: center; border-bottom: double black 2.5pt;} .gnw_label {font: 12px Arial; vertical-align: bottom; text-align: left } .gnw_label_uline {font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;} .gnw_label_uline_i10 {font: 12px Arial; vertical-align: bottom; text-align: right; border-bottom: solid black 1.0pt;} .gnw_label_uline_i15 {font: 12px Arial; vertical-align: bottom; text-align: right; border-bottom: solid black 1.0pt;} .gnw_label_uline_i20 {font: 12px Arial; vertical-align: bottom; text-align: right; border-bottom: solid black 1.0pt;} .gnw_label_uline_i25 {font: 12px Arial; vertical-align: bottom; text-align: right; border-bottom: solid black 1.0pt;} .gnw_label_uline_i30 {font: 12px Arial; vertical-align: bottom; text-align: right; border-bottom: solid black 1.0pt;} .gnw_label_dline {font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: double black 2.5pt;} .gnw_label_i10 {font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;} .g...
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BASELINE OIL & GAS CORP. Financials

Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback Historical chart data and daily updates provided by Commodity Systems, Inc. (CSI). International historical chart data and daily updates provided by Morningstar, Inc. Fundamental company data provided by Capital IQ. Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. R...
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BASELINE OIL & GAS CORP. Financials

Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback Quotes delayed, except where indicated otherwise.Delay times are 15 mins for NASDAQ, 20 mins for NYSE and Amex. See also delay times for other exchanges.Fundamental company data provided by Capital IQ. Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. Real-...
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BASELINE OIL & GAS CORP. Files SEC form 8-K, Bankruptcy or Receivership, Other Events, Financial Statements and Exhib

Show all filings for BASELINE OIL & GAS CORP. | Request a Trial to NEW EDGAR Online Pro Form 8-K for BASELINE OIL & GAS CORP. 8-Sep-2009Bankruptcy or Receivership, Other Events, Financial Statements and Exhib Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All informa...
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BASELINE OIL & GAS CORP. Files SEC form 8-K, Bankruptcy or Receivership, Other Events, Financial Statements and Exhib

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Baseline Oil & Gas Receives Bankruptcy Court Approval for First Day Motions Filed in Connection With Its Prepackaged Plan of Reorganization Under Chapter 11 of the U.S. Bankruptcy Code

Baseline Oil & Gas Receives Bankruptcy Court Approval for First Day Motions Filed in Connection With Its Prepackaged Plan of Reorganization Under Chapter 11 of the U.S. Bankruptcy Code - Yahoo! Finance.gnwlistitemmarginbottom {margin-bottom: 10.0px} .gnwtablebottommargin {margin-bottom: 10.0px} .gnwcellpaddingleft0 {padding-left: 0.0px} .gnwverticalaligntop {vertical-align: top} .gnwtextaligncenter {text-align: center} .gnwcellparagraphmargin {margin-bottom: 0px; margin-top: 0px} .gnwverticalalignbottom {vertical-align: bottom} .gnwwhitespacenowrap {white-space: nowrap} .gnwtextalignright {text-align: right} .gnwcellpaddingright0 {padding-right: 0.0px} .gnwunderlinestyle {text-decoration: underline} .gnwtextalignleft {text-align: left} .gnw_heading {font: 16px Arial; text-align: center} .gnw_subhead {font: 12px Arial; text-align: center} .gnw_colhead {font: 12px Arial; text-align: center} .gnw_colhead_uline {font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;} .gnw_colhead_dline {font: 12px Arial; text-align: center; border-bottom: double black 2.5pt;} .gnw_label {font: 12px Arial; vertical-align: bottom; text-align: left } .gnw_label_uline {font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;} .gnw_label_uline_i10 {font: 12px Arial; vertical-align: bottom; text-align: right; border-bottom: solid black 1.0pt;} .gnw_label_uline_i15 {font: 12px Arial; vertical-align: bottom; text-align: right; border-bottom: solid black 1.0pt;} .gnw_label_uline_i20 {font: 12px Arial; vertical-align: bottom; text-align: right; border-bottom: solid black 1.0pt;} .gnw_label_uline_i25 {font: 12px Arial; vertical-align: bottom; text-align: right; border-bottom: solid black 1.0pt;} .gnw_label_uline_i30 {font: 12px Arial; vertical-align: bottom; text-align: right; border-bottom: solid black 1.0pt;} .gnw_label_dline {font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: double black 2.5pt;} .gnw_label_i10 {font: 12px Arial; vertical-align: bottom; ...
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Baseline Oil & Gas files for bankruptcy protection

HOUSTON (AP) -- Energy producer Baseline Oil & Gas Corp., citing turmoil in the economy and global credit markets, said Monday it has filed for Chapter 11 bankruptcy protection after securing agreements with some creditors. The filing was in U.S. Bankruptcy Court in Houston. The company said that as of June 30 it had liabilities of $138.6 million and assets of $2.96 million.The company will continue to operate its business through the court process, and will seek confirmation of its reorganization plan. Under a so-called prepackaged bankruptcy plan, a company negotiates with major lenders prior to filing for protection.Baseline Oil & Gas' Chapter 11 case was filed pursuant to a plan support agreement dated July 17. The agreement is between the company and holders of more than 85 percent of the company's outstanding 15 percent senior secured notes due 2009 and its 12.5 percent senior secured notes due 2012.The company received ballots from noteholders of more than $107.3 million of the $122.8 million worth of senior notes outstanding this month. All of the noteholders that returned ballots accepted the plan, the company said, and elected to participate in Baseline's exit financing.The company said it intends under its plan of reorganization to pay all of its royalty owners, vendors and other service providers in full, whether their claims arose prior to or after the Chapter 11 filing. It also expects to continue paying its employees' salaries and benefits and to maintain its cash management systems.The company's plan calls for $5 million of new capital to be provided as exit financing. After its reorganization plan is implemented, current equity would be canceled and rendered worthless. Prepetition noteholders would receive securities in the reorganized company, consisting of new 10 percent subordinated secured...
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BASELINE OIL & GAS CORP. Files SEC form 8-K, Bankruptcy or Receivership, Other Events, Financial Statements and Exhib

Item 1.03 Bankruptcy or Receivership. Bankruptcy Filing On August 28, 2009, Baseline Oil & Gas Corp. ("we", "us" or "Debtor") filed a voluntary petition (In re: Baseline Oil & Gas Corp., Debtor, Case No. 09-36291) for reorganization (the "Chapter 11 Case") under Chapter 11 of Title 11 of the United States Code, 11 U.S.C. §§ 101 et seq., as amended (the "Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the "Bankruptcy Court"). The existing officers and directors of the Debtor will continue to oversee operation of the Debtor's business as a debtor-in-possession, pursuant to sections 1107 and 1108 of the Bankruptcy Code, and subject to the requirements of the Bankruptcy Code, which include court approval of matters outside the ordinary course of business. Plan Support and Lock-Up Agreement; Prepetition Solicitation As previously reported in our Quarterly Report filed with the Securities and Exchange Commission on August 14, 2009, we entered into a Plan Support and Lock-Up Agreement dated as of July 17, 2009 (the "Plan Support Agreement") with the holders of more than 85% (the "Consenting Holders") of the outstanding principal amount of our 15% Senior Secured Notes due 2009 and our 12.5% Senior Secured Notes due 2012 (collectively, the "Senior Notes"). Pursuant to the Plan Support Agreement, the Consenting Holders agreed to vote in favor of and support a proposed plan of reorganization of the Debtor under the Bankruptcy Code that is consistent in all material respects with the Prepackaged Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code of Baseline Oil & Gas Corp. that we filed with the Bankruptcy Court on August 28, 2009 (the "Plan"). The Consenting Holders also agreed to make a $5 million exit facility available to the Company upon consummation of the Plan. The Plan ...
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Baseline Oil & Gas Files Prepackaged Plan of Reorganization Under Chapter 11 of the U.S. Bankruptcy Code

HOUSTON, Aug. 31, 2009 (GLOBE NEWSWIRE) -- Baseline Oil & Gas Corp. (the "Company") (OTCBB:BOGA - News) announced today that it has filed a voluntary petition for reorganization (the "Chapter 11 Case") under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. The Company will continue to manage its properties and operate its businesses in the ordinary course throughout the Chapter 11 process while the Company seeks confirmation of its reorganization plan under the jurisdiction of the Bankruptcy court. The Chapter 11 Case was filed pursuant to a Plan Support and Lock-Up Agreement (the "Plan Support Agreement"), dated as of July 17, 2009, among the Company and holders of more than 85% (the "Consenting Holders") of the outstanding principal amount of the Company's 15% Senior Secured Notes due 2009 and its 12.5% Senior Secured Notes due 2012 (collectively, the "Senior Notes"). Pursuant to the Plan Support Agreement, on July 21, 2009 the Company commenced a solicitation (the "Prepetition Solicitation") of the holders of all its Senior Notes (the "Prepetition Noteholders"), as the only class of claimants not deemed to have accepted or rejected the Company's proposed prepackaged plan of reorganization pursuant to the Bankruptcy Code (the "Plan"). The Prepetition Solicitation was held open for thirty (30) days. As part of the Prepetition Solicitation, all Prepetition Noteholders received a copy of the Plan, the related disclosure statement (t...
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BASELINE OIL & GAS CORP. Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis Cautionary Notice Regarding Forward Looking Statements Baseline Oil & Gas Corp. (referred to herein as "Baseline", "we" or the "Company") desires to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. This report contains a number of forward-looking statements that reflect management's current views and expectations with respect to our business, strategies, future results and events and financial performance. All statements made in this quarterly report other than statements of historical fact, including statements that address operating performance, events or developments that management expects or anticipates will or may occur in the future, including statements related to future reserves, cash flows, revenues, profitability, adequacy of funds from operations, statements about future operating results and non-historical information, are forward-looking statements. In particular, the words "believe," "expect," "intend," "anticipate," "estimate," "may," "plan," "will," variations of such words and similar expressions identify forward-looking statements, but are not the exclusive means of identifying such statements and their absence does not mean that the statement is not forward-looking. These forward-looking statements are subject to certain known and unknown risks and uncertainties, which may cause our actual results, performance or achievements to differ materially from historical results as well as those expressed in, anticipated or implied by these forward-looking statements. We do not undertake any obligation to revise these forward-looking statements to reflect any future events or circumstances. Factors that could cause or contribute to such differences include, but are not limited to, those set forth in our Annual Reports on file with the Securitie...
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