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Blast Energy drilling rig sale bid procedures approved
By Caroline Salls
Pittsburgh, Feb. 2 - Blast Energy Services, Inc. obtained court approval of the bidding procedures for its proposed sale of five oil drilling rigs, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of Texas.
Laurus Master Fund Ltd. is the stalking horse bidder for the rigs, and it intends to credit bid the entire $40.6 million in secured debt that is secured by all assets owned by Blast Energy and subsidiary Eagle Domestic Drilling Operations LLC, which owns the rigs.
If Laurus is not the high bidder, Blast Energy will pay it $100,000 for expense reimbursement.
Bidders must pay a $2 million deposit, and the minimum initial overbid must be for at least $150,000 more than Laurus' bid.
Subsequent bids must be for at least $100,000 more than the previous bid.
The auction and sale hearing will be held on March 19.
Blast Energy, a Houston-based provider of fabricated mobile drilling rigs to the oil and natural gas sector, filed for bankruptcy on Jan. 19. Its Chapter 11 case number is 07-30424.
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