September 20, 2017 12:49 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Linc Gulf Coast Petroleum Inc.

Company Overview

Linc Gulf Coast Petroleum Inc. engages in oil production. The company is based in the United States. Linc Gulf Coast Petroleum Inc. operates as a subsidiary of Linc Energy Ltd.

1000 Louisiana Street

Suite 1500

Houston, TX 77002

United States

Key Executives for Linc Gulf Coast Petroleum Inc.

Linc Gulf Coast Petroleum Inc. does not have any Key Executives recorded.

Linc Gulf Coast Petroleum 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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