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Partnership bids $310M for Alta Mesa Resources and midstream subsidiary

A private equity-backed joint venture proposed an opening stalking horse bid to buy embattled pure-play STACK operator Alta Mesa Resources Inc. and its midstream subsidiary for $310 million.

According to a notice filed on Dec. 31, 2019, by Alta Mesa with the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, Bayou City Energy Management LLC and Mach Resources LLC have teamed up to offer $224.75 million for the independent driller and $85.25 million for Kingfisher Midstream LLC's oil and gas gathering infrastructure.

Alta Mesa Resources in September 2019 filed for Chapter 11 bankruptcy after laying off about one-third of its 200 employees and writing down the value of its assets by $3.1 billion. In December 2019, the court ruled that the company cannot use Chapter 11 proceedings to reject contracts with Kingfisher Midstream.