“Parallel Energy cancels auction, plans sale to Scout Energy” ; Jan. 5, 2016
Parallel Energy LP is set to return to court this week to secure approval of a $110 million sale just after a judge sanctioned two separate compensation programs.
The Tulsa, Okla., oil and natural gas property operator on Friday, Jan. 8, is scheduled to seek approval for the sale of its oil and gas well leases to Scott Energy Group II LP. Parallel on Dec. 22 canceled an auction scheduled for Wednesday after receiving no competing bids.
David M. Bennett and Demetra L. Liggins of Thompson & Knight LLP and Neil B. Glassman and GianClaudio Finizio of Bayard PA are debtor counsel. None of the four attorneys were available for comment.