Crusader Energy To Sell Texas Oil & Gas Assets

Law360, New York (October 14, 2009, 12:37 PM EDT) -- Bankrupt Crusader Energy Group Inc. has announced it will sell certain oil and gas operations in the Texas Panhandle as part of its reorganization efforts.

The oil and gas company, which filed for Chapter 11 on March 30, said Tuesday the sale of its Whittenburg Basin operations would be structured as an asset sale under Section 363 of the U.S. Bankruptcy Code.

Oklahoma City-based Crusader filed a motion in the U.S. Bankruptcy Court for the Northern District of Texas on Sept. 25 for approval of bid...
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