Ursa Piceance obtains approval of bidding procedures for asset sale

By Sarah Lizee

Olympia, Wash., Sept. 30 – Ursa Piceance Holdings LLC received approval of the bidding procedures in connection with the sale of substantially all of its assets, according to an order filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware.

The debtors may select a stalking horse bidder. Any stalking horse agreement may contain an expense reimbursement of up to $350,000 and a break-up fee of up to 2.5% of the cash portion of the purchase price, payable only if the stalking horse agreement is terminated.

Each competing bid must name a purchase price, including and identifying separately any cash and non-cash components, which non-cash components will be limited only to credit bids.

Bids must be accompanied by a cash deposit in the amount equal to 10% of the aggregate cash and non-cash purchase price of the bid.

The bid deadline is 5 p.m. ET on Nov. 2.

An auction is set for Nov. 6, if needed.

The sale hearing is scheduled for Nov. 12.

Ursa is a Denver-based private energy company engaged in the development and production of oil and gas in the Piceance Basin, principally in rural areas of Western Colorado. The Chapter 11 case number is 20-12065.

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