Luca wins approval of asset sale procedures; auction set for Dec. 16

By Caroline Salls

Pittsburgh, Oct. 27 – Luca International Group LLC received court approval of the bidding procedures for the proposed sale of some of its assets, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, Luca is selling three operating oil and gas wells, a water disposal well and shut-in oil and gas well in Iberville and Ascension parishes in Louisiana, as well as oil and gas leases in Texas.

The company has until Nov. 24 to file a motion for approval of a stalking horse bidder. The hearing on any stalking horse motion would be held on Dec. 7.

According to the motion, a $250,000 cash deposit will be applied to the purchase price at closing or returned to the bidder in the event that bidder is not ultimately the high bidder for the assets. If the winning bidder fails to close, the $250,000 deposit will be returned to the company in the form of liquidated damages.

The deadline for submitting bids is 6 p.m. ET on Dec. 11 and the auction is scheduled for Dec. 16. Bids at auction must be made in minimum increments of $50,000.

The sale hearing is set for Dec. 21.

Luca International Group, a Houston-based explorer and producer of natural gas, petroleum and related hydrocarbons, filed for bankruptcy on Aug. 6. The Chapter 11 case number is 15-34221.

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