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Vanguard Natural Resources Successful Bid Notice Filed

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Vanguard Natural Resources filed with the U.S. Bankruptcy Court a notice of successful bid, which states, “Pursuant to the Bidding Procedures Order, on May 17, 2017, the Debtors held an open auction on the Assets. At the auction, Oxy USA submitted the Successful Bid in the amount of $105,000,000, in the aggregate, for the Assets and approximately 57 additional wells in Glasscock County, Texas, related to the Assets.”

In addition, “The Successful Bid includes bid protections in the amount of $2,849,960. Therefore, an amount of $102,150,040 would be payable to the Debtors’ estates. XTO Energy submitted the Backup Bid in the amount of $101,218,861, in the aggregate, for the Assets and approximately 57 additional wells in Glasscock County, Texas, related to the Assets. The Backup Bid includes bid protections in the amount of $2,849,960. Therefore, in the event the Backup Bid were to become the Successful Bid, $98,368,901 would be payable to the Debtors’ estates.”

The post Vanguard Natural Resources Successful Bid Notice Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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