A partnership involving Tom Ward-led Mach Resources LLC agreed to acquire substantially all of the assets of bankrupt Alta Mesa Resources Inc. and its midstream subsidiary for a combined purchase price of $320 million.
According to a Jan. 28 news release, BCE-Mach III LLC executed purchase and sale agreements as part of Alta Mesa’s Chapter 11 bankruptcies and associated 363 sale processes. BCE-Mach III represents the third partnership between Mach Resources and Houston-based Bayou City Energy Management LLC (BCE).
Alta Mesa Resources, a Houston-based independent which bet big on Oklahoma’s Stack, joined a growing number of U.S. shale producers that filed for bankruptcy last year. The company formed through a three-way combination in February 2018 of Alta Mesa Holdings LP, Kingfisher Midstream LLC with Silver Run Acquisition Corp. II—a special purpose acquisition company led by industry veteran Jim Hackett.