Maxus unit OK’d to sell oil and gas field interest for $15.35 million

By Caroline Salls

Pittsburgh, May 16 – Maxus Energy Corp. received court approval of the $15.35 million sale of debtor Maxus (U.S.) Exploration Co.’s 15% non-operating working interest in the Neptune oil and gas field in the deep waters of the Gulf of Mexico to 31 Group, LLC, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Maxus said the debtors have been looking for ways to monetize their assets and maximize creditor recoveries.

“The purchase price exceeds the debtors’ sale projections for the property, and receipt of the funds will allow the debtors to satisfy its secured obligations and utilize any excess funds for distributions to creditors upon confirmation,” the motion said.

The purchaser has also agreed to assume all plugging and abandonment liabilities related to the property.

Maxus said the Bureau of Safety and Environmental Enforcement calculated the total amount of decommissioning liability for Neptune to be $190.89 million, with Maxus (U.S.) Exploration’s share of that liability coming in at $28.63 million.

Maxus is a Houston-based subsidiary of YPF, SA, a Buenos Aires petroleum and natural gas company. Maxus filed for bankruptcy on June 17, 2016 under Chapter 11 case number 16-11501.

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