Argent Energy Trust has got the go-ahead to sell substantially all of its assets, which includes shale acreage in Texas and Wyoming, to BXP Partners IV LP.
The Calgary, Alberta-based company said May 11 it and its direct and indirect subsidiaries collectively obtained approval from the Court of Queen's Bench of Alberta and the U.S. Bankruptcy Court for a purchase and sale agreement dated April 14.
Argent Energy Trust owns, operates and manages oil and gas properties located primarily in South Texas' Eagle Ford Shale and Wyoming's Powder River Basin. The company was established as a mutual fund trust on January 2012 and completed its IPO that same year.
The proceeds received from the transaction will be insufficient to provide any funds for distribution to unitholders or debentureholders of Argent Energy Trust, the release said. The value of the transaction wasn't disclosed.
The transaction is a result of a court-approved sale solicitation process conducted within the companies' Creditors Arrangement Act and Chapter 15 of Title 11 of the U.S. bankruptcy code.
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