October 20, 2017 2:21 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Bennu Oil & Gas LLC

Company Overview

Bennu Oil & Gas LLC owns and operates oil and gas reserves at Gulf of Mexico. The company was incorporated in 2013 and is based in Houston, Texas. On November 30, 2016, Bennu Oil & Gas LLC filed a voluntary petition for liquidation under Chapter 7 in the US Bankruptcy Court for the Southern District of Texas. As of November 30, 2016, Bennu Oil & Gas LLC is in liquidation.

4600 Post Oak Place

Suite 100

Houston, TX 77027

United States

Founded in 2013

Key Executives for Bennu Oil & Gas LLC

Bennu Oil & Gas LLC does not have any Key Executives recorded.

Bennu Oil & Gas LLC Key Developments

Motion for Asset Sale Approved for Bennu Oil & Gas LLC

The US Bankruptcy Court gave an order approving the sale of certain assets of Bennu Oil & Gas, LLC on September 14, 2017. The trustee has been authorized to sell debtor’s certain offshore oil and gas leases covering Mississippi Canyon Blocks 941 and 942 in the Gulf of Mexico, to Statoil USA E&P, Inc., a Delaware corporation, for a purchase price of $0.5 million plus assumption of assumed liabilities. Randall A. Rios and Timothy A. Million of Hughes Watters Askanase, LLP acted as legal advisor for trustee and Michael D. Rubenstein of Liskow & Lewis acted as legal advisor for Statoil USA E&P, Inc. In case closing does not occur on or before the outside date, the buyer will reimbursed administrative expenses of up to $0.08 million.

Motion for Asset Sale Approved for Bennu Oil & Gas LLC

The US Bankruptcy Court gave an order approving the sale of certain assets of Bennu Oil & Gas, LLC on August 1, 2017. The Trustee has been authorized to sell debtor’s Clipper Assets to Murphy Exploration and Production Company – USA the stalking horse bidder for a purchase price of $3.3 million. The debtor did not receive any other competing bids for the purchase of its assets and therefore Murphy Exploration and Production Company – USA emerged as the winning bidder.

Bidding Procedure Approved for Bennu Oil & Gas LLC

The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of Bennu Oil & Gas, LLC on July 14, 2017. The Court approved the asset purchase agreement between the Trustee and Murphy Exploration & Production Company – USA the stalking horse bidder, for the sale of debtor's Clipper Assets for a purchase price of $3.3 million. To qualify as a qualified bidder, interested parties should submit their bids by July 28, 2017 along with a good faith deposit in the amount of $0.13 million or of the aggregate consideration proposed in the Qualified APA. If the debtor receives any qualified bids then it would hold an auction for debtor's assets on July 31, 2017. Subject to the Minimum Overbid, Qualified Bidders shall submit successive Overbids in increments to be determined by the Trustee. The stalking horse bidder would be entitled to a break-up fee of $0.13 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for August 1, 2017.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
September 14, 2017
Bennu Oil & Gas, LLC, Sale of certain wells
Merger/Acquisition
July 12, 2017
Bennu Oil & Gas LLC, Clipper Assets
Bankruptcy
November 30, 2016
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