Resource Energy Can-Am LLC has entered into a stalking horse asset purchase agreement with Samson Resources Company to acquire certain of Samson’s North Dakota and Montana properties in the Bakken.
Under the terms of the agreement, the assets will be sold for approximately $75 million (subject to customary adjustments). The assets are being acquired under Section 363 of the Federal Bankruptcy Code. Samson Resources Corp. began a voluntary, prearranged process under Chapter 11 of the US Bankruptcy Code in September 2015. The asset purchase agreement is subject to approval of the United States Bankruptcy Court for Delaware.
Denver, CO-based Resource Energy is backed by funds advised by Apollo Global Management LLC.