September 29, 2016 1:45 AM ET

Company Overview of Diasu Oil & Gas Company, Inc.

Company Overview

Diasu Oil & Gas Company, Inc. is based in Houston, Texas. On May 29, 2016, Diasu Oil & Gas Company, Inc. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of Texas. It is in joint administration with Linc USA GP.

4422 FM 1960 Road West

Suite 400

Houston, TX 77068

United States

Phone:

281-537-2035

Key Executives for Diasu Oil & Gas Company, Inc.

Diasu Oil & Gas Company, Inc. does not have any Key Executives recorded.

Diasu Oil & Gas Company, Inc. Key Developments

Motion for Asset Sale Filed by Linc USA GP

Linc USA GP filed a motion in the US Bankruptcy Court seeking approval for the sale of certain miscellaneous assets on September 7, 2016. As per the motion, debtor seeks to sell certain of its miscellaneous assets as per the proposed procedures. Under the proposed procedures, if the sale consideration from the buyer does not exceed $0.20 million and sale is not to an insider, then debtor may sell the assets upon written notice to all the related parties. If the sale consideration exceeds $0.20 million but is less than $2 million or if the sale is to an insider, the debtor shall file with the Court a notice of such proposed Miscellaneous asset sale.

Motion for Asset Sale Approved for Linc USA GP

The US Bankruptcy Court approved the sale of certain assets of Linc USA GP on August 31, 2016. As per the order, debtor has been authorized to sell substantially all of its oil and gas Alaska assets to Arctic Acquisition, Inc. for the credit bid of $80 million and assumption of liabilities, as per the agreement dated August 29, 2016. Buyer has submitted the offer, on the behalf of First Lien Indenture Trustee. Transaction is expected to close by October 31, 2016. Brian S. Hermann, Ji Lu and Lauren Shumejda of Paul, Weiss, Rifkind, Wharton & Garrison, LLP and Jeremy A. Mouton of Porter Hedges LLP acted as legal counsels for the buyer.

Motion for Asset Sale Approved for Linc USA GP

The US Bankruptcy Court approved the sale of certain assets of Linc USA GP on August 31, 2016. As per the order, debtor has been authorized to sell substantially all of its oil and gas Gulf Coast assets, comprising Linc Gulf Coast Petroleum Inc., to Torrent Gulf Coast LLC for cash purchase price of $37.50 million and assumption of liabilities, as per the agreement dated August 27, 2016. Buyer has submitted 30% of the purchase price as cash deposit. Transaction is expected to close by October 31, 2016. Charlie Ofner of Andrews Kurth LLP acted as legal counsel for the buyer.

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