Terra Energy Partners LLC has agreed to purchase assets from bankrupt Ursa Piceance Holdings LLC and various subsidiaries for $60 million, according to bankruptcy documents.
A federal bankruptcy judge in Delaware approved the sale in November. The deal is expected to close on Dec. 22 or soon after.
Ursa Resources, backed by Denham Capital, holds about 41,000 net acres of oil and gas properties in the Piceance Basin. The acreage is concentrated in Boies Ranch, Battlement Mesa and other areas. Ursa reported owning 579 gross wells producing natural gas, NGL and oil. In June, the company averaged about 75 MMcfe/d of production.
Terra Energy Partners is a privately-held oil and gas exploration and production company founded in early 2015. The Houston-based company partnered with Kayne Anderson and Warburg Pincus in early 2016 following its purchase of Piceance Basin assets from WPX Energy Inc. The WPX deal, worth $910 million, included about 200,000 net acres with 11,000 gross drilling locations in Colorado.
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