A bankruptcy court judge has approved Ursa Resources’ $60 million sale of its Piceance Basin natural gas assets to Terra Energy Partners, clearing the way for completing the transaction perhaps before year’s end, the (Grand Junction, Colo.) Daily Sentinel reported. Bankruptcy Judge Brendan Shannon approved the transaction last week in the U.S. Bankruptcy Court for the District of Delaware. Before he did so, Matthew Pyeatt, an attorney representing Terra in the matter, told Judge Shannon the company is well-positioned to acquire Ursa’s holdings. “Terra is a major player and has significant experience operating in the Piceance Basin,” Pyeatt said. He noted that its core holdings are the ones it acquired from WPX Energy in 2016. Houston-based, privately held Terra, which was formed in 2015, paid $910 million for those assets, partnering with investment firms Warburg Pincus and Kayne Anderson Capital Advisors, L.P. Proceeds of Ursa’s sale, conducted as an online auction, will be distributed during the bankruptcy process, but Ursa has $282.7 million in secured debt alone.
