The sale of bankrupt Oklahoma shale firm Alta Mesa Resources LLC closed despite a collapse in oil prices that nearly derailed the deal, buyers said in an April 16 release.

A U.S. bankruptcy court last week approved the sale of Alta Mesa and its midstream subsidiary to a partnership involving Tom L. Ward-led Mach Resources LLC for $220 million—a price nearly a third less than what creditors had negotiated earlier this year before the oil price crash.

In a statement on April 16, Ward said his goal has been to be a patient, buyer of choice for both undercapitalized, distressed sellers in the Midcontinent region.

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