BHP Billiton urged a Delaware bankruptcy judge to force Maxus Energy to complete the $15.3 million sale of its stake in “Neptune” Gulf of Mexico field


Ballard Spahr and Thompson & Knight advised on the matter.

BHP Billiton on Friday urged a Delaware bankruptcy judge to force Maxus Energy to complete the $15.3 million sale of its stake in a large oil and gas well asset operated by BHP, noting that the deal has not closed despite gaining court approval months ago.

BHP Billiton Petroleum (Deepwater) Inc. and BHP Billiton Petroleum (GOM) Inc. urged Judge Christopher S. Sontchi to compel the execution of the sale agreement he approved back in May. BHP had objected to the proposed sale, which saw buyer 31 Group LLC confirmed as the winning bidder for Maxus’ 15 percent interest in the deepwater “Neptune” Gulf of Mexico field. The tentative approval followed verification to other Neptune owners that 31 Group can reliably assume $28 million in wellfield shutdown costs.

BHP Billiton Limited discovers, acquires, develops, and markets natural resources worldwide. The company, led by Andrew Mackenzie, Peter Beaven and Mike P. Henry operates through four segments: Petroleum, Copper, Iron Ore, and Coal.

BHP Billiton Petroleum (Deepwater) Inc. and the other Neptune interest owners are represented by Tobey M. Daluz (Picture) and Chantelle D. McClamb of Ballard Spahr LLP and Demetra L. Liggins Randy W. Williams, Anthony F. Pirraglia and Michael Schneider of Thompson & Knight LLP.

Involved fees earner: Tobey Daluz – Ballard Spahr Stillman & Friedman LLP; Chantelle McClamb – Ballard Spahr Stillman & Friedman LLP; Demetra Liggins – Thompson Knight LLP; Randy Williams – Thompson Knight LLP; Anthony Pirraglia – Thompson Knight LLP; Michael Schneider – Thompson Knight LLP;

Law Firms: Ballard Spahr Stillman & Friedman LLP; Thompson Knight LLP;

Clients: BHP Billiton;

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Author: Ambrogio Visconti