NAPC To Pay $98M To End Fight With Lenders, Partner

Law360, New York (April 26, 2011, 8:15 PM EDT) -- Gas producer North American Petroleum Corp. on Monday announced a $98 million settlement with its lenders and its business partner, Equal Energy Inc., that could clear a major hurdle in its plan to reorganize and exit Delaware bankruptcy court.

NAPC's proposed settlement calls for it sell the bulk of its assets in Oklahoma, where it has a stake in a large resource play, to Equal, and transfer the money to its major lenders Texas Capital Bank NA and Compass Bank.

The settlement plan, scheduled to go...
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