BPZ Resources granted court approval of $9.5 million in asset sales

By Caroline Salls

Pittsburgh, July 9 – BPZ Resources, Inc. received court approval to sell its assets to Zedd Energy Holdco Ltd. for $8.5 million, according to a July 8 filing with the U.S. Bankruptcy Court for the Southern District of Texas, according to an emergency motion.

Assets included in the sale contain the equity interests of the company’s direct subsidiaries, which own all of BPZ’s oil and gas assets in Peru.

In addition, Zorritos Peru Holdings Inc. agreed to buy “spinoff assets” for $1 million, which was also approved by the court on Wednesday.

The spinoff assets include all equity interests in Empresa Electrica Nueva Esperanza, SRL, as well as specified contracts, licenses, permits, cash and collateral and intellectual property.

Houston-based BPZ Resources is an independent oil and gas exploration and production company with operations in Peru and Ecuador. The company filed for bankruptcy on March 9 under Chapter 11 case number 15-60016.

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