Argent Energy Trust said May 17 it has completed the sale of substantially all of its assets, which includes shale acreage in Texas and Wyoming, to BXP Partners IV LP.
The value of the transaction wasn't disclosed. Proceeds received from the transaction will be insufficient to provide any funds for distribution to unitholders or debentureholders of the Calgary, Alberta-based company, the release said.
The transaction was approved by the Court of Queen's Bench of Alberta on May 10 and the U.S. Bankruptcy Court on May 11. The sale 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.
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.
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