Contour Announces Restructuring Discussions.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--April 17, 2002 CONTOUR ENERGY CO. ("Contour" or the "Company"), announced today that it has engaged an investment banking firm to evaluate strategic corporate options that may be available to the Company and provide advice regarding those options. As previously disclosed, the loss of our natural gas price hedges as a result of the Enron bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most has eliminated our downside Downside The dollar amount by which the market or a stock has the potential to fall. Notes: You might hear someone say that the downside on stock XYZ is $10. What that means is that the stock could fall by this amount if things got bad. price protection in an environment of highly volatile and uncertain commodity prices. This has reduced our ability to fund our targeted capital expenditure program while concurrently servicing our outstanding debt obligations. The Company has entered into discussions with certain holders of its public debt that may lead to a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). transaction. A possible outcome of the discussions may include conversion of a significant portion of the Company's debt into equity. If we are unsuccessful in negotiations with debt holders, the Company may be forced to seek protection under federal bankruptcy regulations. Even a successful restructuring transaction may require a bankruptcy filing in which the affected parties have agreed to a plan of reorganization. We have informed the trustees that payment of interest totaling $15.4 million due April 15, 2002 on the two classes of debt will be deferred pending results of negotiations. Contour Energy Co. is engaged in the exploration, development, acquisition and production of natural gas and oil. Contour Energy Co. common stock is traded on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the symbol CONC. Cautionary Statement as to Forward-Looking Information Statements made herein (as well as information included in oral or other written statements made or to be made by the Company or its representatives) that are forward-looking in nature are intended to be "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc matters such as anticipated operating and financial performance, business prospects, future reserves, cash flow and value, developments and results of the Company. Actual performance, prospects, reserves, cash flow and value, developments and results may differ materially from any or all anticipated results due to economic conditions and other risks, uncertainties and circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or partly or totally outside the control of the Company, including rates of inflation, natural gas prices, uncertainty of reserve estimates, rates and timing of future production of oil and gas, exploratory and development activities, acquisition risks, changes in the level and timing of future costs and expenses related to drilling and operating activities and those risk factors described in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , including the amendment thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. , for the fiscal year ended December 31, 2001. Words such as "anticipated," "expect," "estimate," "project" and similar expressions are intended to identify forward-looking statements. Forward-looking statements include the risk factors described in the Company's Form 10-K mentioned above. |
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