Northstar Offshore Ventures LLC, a Houston, Texas-based subsidiary of Orinoco Natural Resources, LLC, acquired certain oil and gas assets from bankrupt Northstar Offshore Group, LLC pursuant to a §363 sale, according to a press release. The sale order was approved by U.S. Bankruptcy Judge Marvin Isgur on Aug. 2, and effective on Aug. 1, 2017. The assets sold are all located on the Outer Continental Shelf of the Gulf of Mexico and consist of eight producing fields, nine non-producing fields, and two primary term lease blocks. The purchase price was $13.25 million in cash plus other consideration. Northstar Offshore Group filed for chapter 11 protection on Dec. 2, 2016. Read more.
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