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Samson Resources Sale Approved

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The U.S. Bankruptcy Court approved Samson Resources’ motion for the sale of property, certain oil and gas assets free and clear of liens, claims and encumbrances and issued a supplemental order. The supplemental order states, “The objections of the Seamster Heirs are overruled in their entirety on the merits.” As previously reported, “The Debtors and their predecessors have utilized OGAC to sell over $600 million in properties over the past twenty years. OGAC is holding an Oil and Gas Auction on March 9, 2016….Out of an abundance of caution, however, the Debtors seek authority to sell the Wells in the event such a sale is deemed to be anything other than in the ordinary course, as set forth herein. Importantly, the Debtors believe that the OGAC Oil and Gas Auction is the most appropriate forum to maximize value and the proceeds obtained from selling the Wells….In addition to the OGAC Oil and Gas Auction, and as an alternative to the OGAC Oil and Gas Auction, the Debtors seek authority to negotiate and consummate private sales of the Wells….The Debtors have discussed participating in the OGAC Oil and Gas Auction and, as an alternative, consummating private sales of the Wells with the agents under the Debtors’ first lien credit facility and second lien credit facility.” Read more oil & gas bankruptcy news.

 

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