Gavilan Resources asset sale timeline extended; auction now Sept. 11

By Caroline Salls

Pittsburgh, July 29 – Gavilan Resources, LLC received court approval of a revised sale-process timeline, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Under the revised timeline, indications of interest are due by 6 p.m. ET on Aug. 12.

The company must select participants for phase two of the sale process by Aug. 17.

Final bids are due by 6 p.m. ET on Sept. 2, except for the company’s lender agents, which will have until 6 p.m. ET on Sept. 9 to submit credit bids.

An auction will be held on Sept. 11, if necessary.

The sale hearing is scheduled for Sept. 17.

Gavilan Resources is a Houston-based private company established in 2017 in partnership with Blackstone to acquire, develop and produce oil and natural gas assets in the Eagle Ford Shale play in South Texas. The company filed bankruptcy on May 15 under Chapter 11 case number 20-32656.

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