David W. Carickhoff, the chapter 7 Trustee of New Source Energy Partners LP, filed a motion in the US Bankruptcy Court for the sale of debtor’s certain assets on April 11, 2017. The Trustee seeks the Court’s approval for the sale of debtor’s certain assets to H&P Investments, LLC, the stalking horse bidder, for a purchase price of $10 million in cash pursuant to the asset purchase agreement dated April 10, 2017. The debtor’s assets include certain oil and liquids assets. To qualify as a qualified bidder, interested parties should submit their bids by May 18, 2017. The initial minimum overbid should be at least $0.3 million (break-up fee) more than the initial purchase price. The debtor has scheduled an auction on May 24, 2017. At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to a break-up fee of $0.3 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for May 26, 2017. Maynard Cooper & Gale, PC acted as advisors to the buyer.