Southland Royalty San Juan Basin sale procedures OK’d; auction May 22

By Caroline Salls

Pittsburgh, April 29 – Southland Royalty Co., LLC received court approval of the bid procedures for the proposed sale of its San Juan Basin assets in New Mexico and Colorado, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The approved procedures allow Southland to select a stalking horse bidder for the assets by May 11 and to offer to pay a break-up fee and expense reimbursement to that entity if it is not ultimately the winning bidder.

All other bids are due by 5 p.m. ET on May 18.

An auction will be held on May 22, if necessary, and the sale hearing is scheduled for May 28.

Fort Worth-based Southland is an upstream energy company. The company filed bankruptcy on Jan. 27 under Chapter 11 case number 20-10158.

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