Optima Services International Ltd.

September 14, 2007 13:41 ET

Optima Services International Ltd.: Special Hearing Date for Truestar Barnett set for October 3rd

Judge to Decide Location of the Bankruptcy

HOUSTON, TEXAS--(Marketwire - Sept. 14, 2007) - On August 31, 2007, an involuntary chapter 11 bankruptcy petition was filed against Truestar Barnett LLC in the United States Bankruptcy Court, Northern District of Texas, Dallas Division. This proceeding was initiated by Optima Services International LTD. and five other creditors have now joined. Optima anticipates that other creditors will also join in the near future. Also on August 31, 2007, but after the Dallas involuntary bankruptcy filing, Truestar Barnett filed a voluntary chapter 11 bankruptcy petition in the United States bankruptcy Court located in Denver, Colorado.

On August 31, 2007, an involuntary chapter 11 bankruptcy petition was also filed against Truestar Petroleum Corporation in the Dallas Bankruptcy Court. Truestar Petroleum Corporation has not filed a voluntary bankruptcy as of the date of this news release.

The bankruptcy judge in Truestar Barnett's Dallas bankruptcy case, the Honorable Stacey G. Jernigan, has set a hearing for October 3, 2007, to determine if the Truestar Barnett bankruptcy case will go forward in Dallas or Denver. This is the opportunity for all creditors to weigh in on this very important issue.

"We believe the right venue for both bankruptcy matters should be Texas," stated Robert Kubbernus president of Optima. "The assets of Truestar are in Texas, most of the creditors including employee claims against the Company are in Texas, the senior lender Macquarie Bank is in Texas, all partners in the Barnett Shale assets are in Texas and the operator of the assets Eagle Oil and Gas are also located in Texas. We also believe that if an orderly sale of all the assets of Truestar were to take place, our highest and best opportunity for full recovery for all creditors will come from within Texas. We also believe that by conducting a bankruptcy of both the parent company Truestar Petroleum and its subsidiary Truestar Barnett, no creditors will be forgotten in the process," concluded Robert Kubbernus.

In both the Truestar Barnett and Truestar Petroleum Corporation bankruptcy matters, Optima is represented by Walter Cicack at the law firm of Seyfarth Shaw, 700 Louisiana St, Houston, TX 77002, 1.713.860.0091.

Contact Information

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