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ALTA MESA RESOURCES, INC.

(AMRQQ)
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Alta Mesa Resources : U.S. bankruptcy court approves $220 million sale of shale firm Alta Mesa

04/08/2020 | 12:27pm EST

A U.S. bankruptcy court on Wednesday approved a $220 million sale of failed Oklahoma shale firm Alta Mesa Resources after a lengthy delay and renegotiation prompted by the oil-price crash.

Creditors agreed to sell the company to a joint venture between Bayou City Energy Management and Mach Resources, a company founded by U.S. shale pioneer Tom Ward. The price is nearly a third less than creditors had negotiated earlier this year.

Buyers set a closing for Thursday, a move that an attorney for Alta Mesa creditors slammed as "gamesmanship" for reducing the deal's value by more than $5 million. The price adjusts by $1.75 million for every $1 per barrel change from a $23 per barrel baseline price. The reference price is set two days before closing.

"We are disappointed and frustrated by what we see as gamesmanship by the buyer," attorney Caroline Reckler told the court. The delay came at the end of a day in which the oil reference price "took a tumble," she said.

Bayou City and Mach Resources did not immediately reply to requests for comment on the court approval or the timing of the closing.

Thursday could be a significant day for global oil prices with a scheduled meeting of the Organization of the Petroleum Exporting Countries to consider coordinated production curbs. Oil prices in March fell to the lowest in nearly two decades, souring an original agreement.

After bankruptcy court Judge Marvin Isgur asked if the two sides would accept a Friday closing to remove questions about pricing, an attorney for Bayou City opposed the idea and it was dropped.

"I'd resist a temptation to play with the price of oil," said attorney Gregory Pesce. "We're ready to close tomorrow morning."

The court also delayed action on motions seeking to require Bayou City and Mach to either stick to their original $320 million purchase price or face breach of contract claims. Those motions will be dismissed if the closing concludes on Thursday, the court said.

(Reporting by Gary McWilliams; Editing by Chris Reese)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALTA MESA RESOURCES, INC. 0.00%End-of-day quote.-73.08%
LONDON BRENT OIL 1.22% 69.72 Delayed Quote.46.31%
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Financials (USD)
Sales 2019 481 M - -
Net income 2019 -451 M - -
Net Debt 2019 996 M - -
P/E ratio 2019 -0,01x
Yield 2019 -
Capitalization 0,77 M 0,77 M -
EV / Sales 2018 2,03x
EV / Sales 2019 2,08x
Nbr of Employees 151
Free-Float 47,7%
Income Statement Evolution
Managers and Directors
Mark P. Castiglione Chief Executive Officer
John H. Campbell President & Chief Operating Officer
James T. Hackett Executive Chairman
David Matthew Leuschen Director
Pierre Fernand Lapeyre Director
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