Cox Oil closes $72 million asset sale to W&T Offshore

By Sarah Lizee

Olympia, Wash., Jan. 17 – Cox Oil Offshore, LLC closed an asset sale to W&T Offshore, Inc. for $72 million on Tuesday, according to a notice filed with the U.S. Bankruptcy Court for the Southern District of Texas.

The sale was approved by the court on Friday, as previously reported.

The sale had been the subject of mediation since September.

Originally, the asset packages were to be sold to W&T Offshore for $88.5 million.

In December, the debtor filed a revised sale notice containing a modified executed purchase and sale agreement with W&T Offshore that included a purchase price of $72 million, removing the purchase price adjustments that contributed to the impasse over the initial agreement.

“The sale must be approved and consummated promptly in order to preserve the viability of the debtors’ businesses as a going concern and to maximize the value of the debtors’ estates,” the court said in Friday’s order.

“Time is of the essence in consummating the sale.”

The Dallas-based drilling company filed bankruptcy on May 14, 2023 under Chapter 11 case number 23-90324.

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