Echo Energy Partners announces $32.96 million winning bid for assets

By Caroline Salls

Pittsburgh, June 29 – Echo Energy Partners I, LLC named MP III Echo, LLC as the winning bidder for its oil and gas assets with a $32.96 million cash bid, according to a notice filed Saturday with the U.S. Bankruptcy Court for the Southern District of Texas.

MP III will also pay $242,223 in cure costs.

The company has designated Benchmark Energy, LLC as the back-up bidder. Benchmark has agreed to pay $32.62 million in cash for the assets, as well as the same amount of cure costs.

Echo said in an amended agenda that the sale hearing scheduled for June 29 would instead proceed as a status conference.

Echo is an Oklahoma City-based independent oil and gas company. The company filed bankruptcy on March 24 under Chapter 11 case number 20-31920.

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