Templar Energy granted bankruptcy court approval of $91 million sale

By Caroline Salls

Pittsburgh, July 17 – Templar Energy LLC obtained court approval to sell its assets to Presidio Investment Holdings LLC, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Presidio has agreed to pay $91 million for the assets. However, a $1.95 million fee and a $350,000 expense reimbursement will be subtracted from that amount.

As previously reported, the fee and expense reimbursement are due to be paid under a stalking horse purchase agreement with Tapstone Energy, LLC, since Tapstone was not ultimately the winning bidder.

ZarvonaIII-A, LP has been designated as the backup bidder, with an $88.25 million final offer.

Templar Energy is an Oklahoma City-based exploration and production company that filed bankruptcy on June 1. The Chapter 11 case number is 20-11441.

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