Templar Energy sets sale procedures; stalking horse bid expected soon

By Caroline Salls

Pittsburgh, June 3 – Templar Energy LLC requested court approval of the bid procedures for the proposed sale of all or substantially all of its assets, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Templar said it is negotiating with several parties and expects to reach an agreement with a stalking horse bidder in the near term.

If a stalking horse agreement is reached, the company said the proposed procedures would allow it to pay that entity a break-up fee and expense reimbursement if it is not ultimately the winning bidder.

The deadline for selecting a stalking horse bid is June 26.

Competing bids are due by 5 p.m. ET on July 6 and must at least equal the amount of any stalking horse bid, plus the amount of the break-up fee and expense reimbursement and a $500,000 overbid amount.

An auction will be held on July 9, if necessary. Bids at auction must be made in minimum increments of $500,000.

The company is requesting a July 14 sale hearing.

Templar Energy is an Oklahoma City-based exploration and production company that filed bankruptcy on June 1. The Chapter 11 case number is 20-11441.

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