Buccaneer Resources submits procedures for sale of oil and gas assets

By Caroline Salls

Pittsburgh, Oct. 7 – Buccaneer Resources, LLC requested court approval of the bid procedures for the proposed sale of its Alaska oil and gas assets, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

Buccaneer said a settlement with its official committee of unsecured creditors, AIX Energy LLC, Meridian Capital CIS Fund and Meridian Capital International Fund paved the way for the sale of the oil and gas assets.

No stalking horse bidder will be selected. However, AIX will have credit bid rights. If no other bids are received, Buccaneer said it will ask the court to approve a sale to AIX through its credit bid.

Bidders must submit $3 million deposits by the bid deadline of 1 p.m. ET on Oct. 24.

Bids at the Oct. 27 auction must be made in minimum increments of $100,000.

A hearing is scheduled for Oct. 14.

Buccaneer, a Houston-based oil and natural gas exploration and production company, filed for bankruptcy on May 30. It is a subsidiary of Buccaneer Energy Ltd., a Sydney, Australia, company focused on developing oil and gas assets in Alaska. The Chapter 11 case number is 14-60041.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.