EdgeMarc OK’d to enter $50 million deal for Monroe/Washington assets

By Caroline Salls

Pittsburgh, Aug. 6 – EdgeMarc Energy Holdings, LLC received court approval to enter into an agreement under which Diversified Gas and Oil Corp. will serve as the stalking horse bidder for the sale of EdgeMarc’s Monroe/Washington assets, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Diversified Gas and Oil has agreed to pay $50 million for the assets.

If Diversified Gas and Oil is not ultimately the high bidder, EdgeMarc will pay it a $1.5 million break-up fee and reimburse up to $500,000 of its sale-related expenses.

The initial minimum overbid amount will be $250,000.

EdgeMarc is a Canonsburg, Pa.-based natural gas exploration and production company that filed bankruptcy on May 15. The Chapter 11 case number is 19-11104.

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