BANKRUPTCY PLAYS

[I Like Bottom Fishing]

Edge Petroleum Files For Chapter 11

Friday , October 02, 2009 07:10ET

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Oct 02, 2009 (SmarTrend(R) News Watch via COMTEX) -- 10/02/2009-Edge Petroleum Corp. (NASDAQ:EPEX) announced early Friday that it filed for reorganization under Chapter 11 adding that there will be nothing left for common stockholders. Edge said that it reached an agreement with its senior secured lenders to sell virtually all of its assets to a third party for approximately $191 million. Edge said that even under the most optimistic scenarios, stockholders and holders of convertible preferred stock will likely receive nothing.

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