Creditor Objects To Edge Sale Over Lease Interests

Law360, New York (November 19, 2009, 4:06 PM EST) -- New Mexico-based creditor Chisos Ltd. is objecting to Edge Petroleum Corp.’s prepackaged Chapter 11 plan and asset sale because it claims it would potentially subvert its preferential rights to oil and gas leases in New Mexico.

Chisos filed an objection to Edge’s proposed property sale Wednesday in the U.S. Bankruptcy Court for the Southern District of Texas.

The property to be auctioned off in Edge’s asset sale includes interest in oil and gas leases in New Mexico it earned through a 2003 exploration agreement with Pure...
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