“Well Owners Want Maxus To Close $15M Ch. 11 Sale”
BHP Billiton on Friday urged a Delaware bankruptcy judge to force Maxus Energy to complete the $15.3 million sale of its stake in a large oil and gas well asset operated by BHP, noting that the deal has not closed despite gaining court approval months ago.
BHP Billiton Petroleum (Deepwater) Inc. and BHP Billiton Petroleum (GOM) Inc. urged Judge Christopher S. Sontchi to compel the execution of the sale agreement he approved back in May. BHP had objected to the proposed sale, which saw buyer 31 Group LLC confirmed as the winning bidder for Maxus’ 15 percent interest in the deepwater “Neptune” Gulf of Mexico field. The tentative approval followed verification to other Neptune owners that 31 Group can reliably assume $28 million in wellfield shutdown costs.
BHP Billiton Petroleum (Deepwater) Inc. and the other Neptune interest owners are represented by Tobey M. Daluz and Chantelle D. McClamb of Ballard Spahr LLP and Demetra L. Liggins Randy W. Williams, Anthony F. Pirraglia and Michael Schneider of Thompson & Knight LLP.