Texas oil company WBH Energy LP credit bid has put its assets on the block for $25 million, subject to higher bids at a bankruptcy auction, Dow Jones Daily Bankruptcy Review reported today. In a filing with the U.S. Bankruptcy Court in Austin, Texas, WBH Energy said that its lender, investment firm Castlelake LP, has agreed to serve as the stalking or lead bidder at the auction. The lender intends to credit bid — or offer to forgive some of the debt it is owed — for the independent oil company's assets. WBH is asking for at least $15 million for its oil and gas properties, some 2570 acres throughout the Barnett Shale region in Texas.
