Independent exploration and production company Ameredev Texas LLC has won a bid to acquire all of Lilis Energy Inc.'s assets for a $46.6 million cash payment as part of Lilis' Chapter 11 bankruptcy proceedings.

The definitive purchase and sale agreement and form of sale order will be filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, no later than Nov. 9. The sale is subject to the bankruptcy court's approval and other closing conditions, according to a Nov. 8 news release.

The deal is slated to close in December. Vinson & Elkins LLP is the legal adviser, Barclays Capital is the investment banker and Opportune LLP is the restructuring adviser to Lilis.

The Permian Basin-focused oil and gas producer decided to sell its assets through the Chapter 11 process after certain investment funds and entities affiliated with investment adviser Värde Partners Inc. opted out of investing new money to sponsor the company's reorganization plan.