Alta Mesa Resources, Kingfisher get $310 million stalking horse bid

By Caroline Salls

Pittsburgh, Jan. 2 – Alta Mesa Resources, Inc. entered into a stalking horse bid agreement with BCE-Mach III LLC, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

In addition, Alta Mesa said some of its non-debtor affiliates, including Kingfisher Midstream, LLC and its subsidiaries, entered into a separate purchase and sale agreement with BCE-Mach III.

Of the total $310 million to be paid by BCE-Mach III under the agreements, $224.75 million would go to Alta Mesa and $85.25 million to Kingfisher.

If the stalking horse bidder is not ultimately the winning bidder, Alta Mesa and Kingfisher would pay it a 3% break-up fee.

Alta Mesa is an onshore oil and gas company based in Houston. It filed for bankruptcy on Sept. 11. The Chapter 11 case number is 19-35133.

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