Optima Services International Ltd.

August 31, 2007 14:38 ET

Optima Services International Ltd. Has Filed an Involuntary Chapter 11 Petition Against Truestar Petroleum Corporation and Truestar Barnett LLC

DALLAS, TEXAS and FORT WORTH, TEXAS--(Marketwire - Aug. 31, 2007) - Optima Services International LTD. (Optima), one of the largest creditors of Truestar Petroleum Corporation (TPC) and Truestar Barnett LLC (Truestar Barnett), this morning filed involuntary Chapter 11 bankruptcy petitions against TPC and Truestar Barnett in the United States Bankruptcy Court for the Northern District of Texas. The vast majority of the assets of Truestar Barnett are located within the geographic area served by the Northern District of Texas.

Recent press releases made by TPC stated that Macquarie Bank was in the process of foreclosing on specific assets of Truestar Barnett and such foreclosure was scheduled to take place on September 4, 2007. Optima understands that the value of Truestar Barnett's oil and gas assets in the Barnett Shale is significantly greater than the obligations owed to Macquarie Bank. Optima took this action to protect its interests as well as the interests of all creditors who do not have valid liens against the Barnett Shale oil and gas assets.

After the involuntary bankruptcy filings were effected, Optima was informed that today, Truestar Barnett intended to file a voluntary Chapter 11 case in the United States Bankruptcy Court sitting in Denver, Colorado. Optima believes that the Northern District of Texas is the appropriate venue for any bankruptcy involving Truestar Barnett and/or TPC as the majority of assets are located in the Northern District of Texas and the majority of creditors will be better served if the bankruptcy is administered in the Northern District of Texas," states Robert Kubbernus, president of Optima Services International LTD.

Contact Information

  • Optima Services International Ltd.
    Robert Kubbernus
    President
    (416) 564-2987