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Bankrupt STACK Co. Offered $310MM for Assets in 'Stalking Horse' Bid
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Bankrupt Alta Mesa Resources Inc. has scored a $310 million "stalking horse" bid from Mach Resources LLC and PE firm Bayou City Energy Management, according to multiple reports.
Mach and Bayou City have an existing JV, BCE-Mach III LLC, (which was initially formed in Q1 2018) and the partnership has been snapping up assets in multiple deals in the months since.
The bid is comprised of:
$224.75 million for the Alta Mesa's exploration and drilling business assets (see map below) $85.25 million for the oil gathering and transportation assets of Alta Mesa subsidiary Kingfisher Midstream LLC, who just filed for bankruptcy this weekAt one time, Alta Mesa Resources was worth nearly $1.0 billion, but the volatility of commodity prices slowly chipped away at the company's value.
The company…
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