Ameredev Texas LLC is the winning bidder to acquire substantially of the assets of Lilis Energy Inc. The sale of the assets for $46.6 million in cash, follows a sale process and a competitive auction as part of Lilis’s Chapter 11 process.
Subject to bankruptcy court approval, the transaction is expected to close in December 2020.
Lilis filed Chapter 11 petitions in late June and began a sale process in August (OGJ Online, Aug. 17, 2020). The company held a contiguous block of 16,000 net acres in the deep and over-pressured portion of the Delaware basin, including Winkler and Loving Counties in Texas and Lea County in New Mexico (OGJ Online, June 29, 2020).