U.S. oil and gas producer Breitburn Energy Partners LP, which has been in bankruptcy since 2016, does not plan to pursue an unsolicited $1.8 billion cash offer from Lime Rock Resources, Reuters reported. The offer from Houston-based Lime Rock, which invests in oil-and-gas properties, surfaced last month as Breitburn was awaiting a ruling on its bankruptcy reorganization plan. The confirmation hearing ended in January after a bitter valuation battle between Breitburn and its shareholders who argued it undervalued the company. In a filing with U.S. Bankruptcy Court in Manhattan late Friday, Breitburn said it was not required to “pursue conditional offers thrown across the transom, particularly after the close of a contested Confirmation Hearing.” Houston, Texas-based Lime Rock’s $1.8 billion stalking-horse offer tops a $1.6 billion enterprise valuation by Breitburn’s investment bank.
