Bankruptcy Auction of Okmulgee County Oklahoma Oil and Gas Leases December 21

On December 2nd, Karen Walsh, the Chapter 7 Trustee appointed in the Bobby Rowe Energy, Inc. and Stephen Rowe Oil Properties, LLC bankruptcy cases, entered into an Asset Purchase Agreement with Sam Mayes, Jr. for the sale of four oil and gas leases in Okmulgee County, Oklahoma. The sales price is $151,787.93. The court-appointed auctioneer, National Commercial Auctioneers [ www.natcomauctions.com ], has cancelled the auction originally scheduled for December 14th at 10:00am and instead will be attending the December 21st at 9:00am hearing where the Honorable Judge Cornish will be considering the approval of the pending offer, subject to higher and better bids.

“While the December 14th auction was cancelled, the new auction will be on December 21st at 9:00am in the US Bankruptcy Court in Okmulgee County, Oklahoma,” comments Stephen Karbelk, CEO & Founder of National Commercial Auctioneers. “If another bidder is willing to pay more than the existing offer, they can object to the sale by filing a motion with the Court by December 16th and following the procedures outlined in the sale motion filed on December 2nd.”

In bankruptcy, there is often the situation where an offer to purchase assets is presented to the Court for approval but the offer is subject to higher and better bids. For another bidder to bid, they are typically required to follow the exact same contract as the pending offer, or “stalking horse bid” in bankruptcy terminology, and to have a bid price that is a meaningful increase over the pending offer. In the Rowe cases, the next highest bid must be $161,787.93 for all four leases and a new buyer must sign the exact same contract that is pending before the Court. In the original auction, the leases were going to be offered individually, in combinations and in their entirety. But with the stalking horse bid offer, the leases will only be sold together for one bid.

To obtain more information about the leases and the auction, or to obtain a copy of the sale motion, you can contact National Commercial Auctioneers at 918-895-7077 or visit their website at www.natcomauctions.com

Post a Reply

Your email address will not be published. Required fields are marked *

Top