Amended Asset Purchase Agreement Filed by Alta Mesa Resources, Inc.
January 18, 2020 at 12:00 am EST
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Alta Mesa Resources, Inc. filed an amended asset purchase agreement in the US Bankruptcy Court for the sale of substantially all its assets on January 18, 2020. As per the amended agreement dated January 17, 2020, seeks the Court’s approval for the sale of substantially all its assets to Bayou City Energy, for a total purchase price of $320 million of which $88 million is payable to the KFM Debtors pursuant and $232 million is payable to the AMH Debtors pursuant to the asset purchase agreement. Buyer will submit additional $0.73 million as escrow deposit for KFM assets and $2.75 million for AMH assets. The debtor assets includes substantially all of the AMH Assets and substantially all of the KFM Assets. Under the terms of the asset purchase agreement, the buyer shall make an earnest money deposit of 10% of the unadjusted purchase price of the execution of the agreement. The buyer would be entitled to a break-up fee and expense reimbursement of 3% of purchase price in case of termination of the asset purchase agreement. The transaction is expected to close on January 21, 2020. The buyer is represented by Michael Reel of Mach Resources LLC as legal counsel.
Alta Mesa Resources, Inc. is a United Staes-based oil and gas exploration company. The Company is an independent exploration and production company focused on the development of unconventional onshore oil and natural gas reserves in the eastern portion of the Anadarko Basin in Oklahoma. The Company operate in two reportable business segments - Upstream and Midstream.