Luca International asset auction and sale hearing canceled

By Mark Reccek

Bethlehem, Pa., Dec. 16 – Luca International Group LLC’s auction and sale hearing related to the proposed sale of some of its assets has been canceled, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

The auction was scheduled for Wednesday and the sale hearing for Dec. 21

The court filing did not provide a reason for the cancelation.

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.

According to a previous 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.

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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