Bennu Oil & Gas trustee looks to sell offshore assets for $500,000

By Caroline Salls

Pittsburgh, Aug. 17 – Bennu Oil & Gas, LLC Chapter 7 trustee Janet S. Northrup requested court approval of the proposed private $500,000 sale of the company’s offshore assets to Statoil USA E&P, Inc., according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

In addition to paying the purchase price, Northrup said Statoil will assume any and all of the Bennu estate’s obligations to the U.S. government arising out of or related to leases and waive all claims it might hold against the estate.

According to the motion, Statoil will be responsible for insuring the assets beginning on Aug. 15 and will add the trustee and the Bennu estate as additional insureds to all policies covering the assets.

However, if the proposed sale does not close by Sept. 15, Statoil will have no continuing obligation to insure the assets.

Statoil will also reimburse the trustee for up to $75,000 of the court-approved administrative expenses incurred by the estate related to the leases during the period from Aug. 16 to Sept. 15.

Houston-based Bennu is an oil and gas exploration and production company in the Gulf of Mexico. The company filed bankruptcy on Nov. 30, 2016 under Chapter 7 case number 16-35930.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.