Here it is for everyone to share. Regards Buddy134 Linc Energy...

Here it is for everyone to share.

Regards

Buddy134


Linc Energy


Linc will sell its oil and gas assets in the US to its bondholders to secure forgiveness of $US60.5 million in debt, subject to higher bids in a bankruptcy auction.


But the sale will only cover half of the $125 million of debts associated with Linc’s US business and $US10 million in bankruptcy financing.


The Gulf Coast assets are being sold for $34 million, and they contain 150 producing wells, while the remote Umiat field in Alaska is being sold for $US25 million. The company’s Wyoming assets, including 31 wells in the Powder River Basin, are being let go for a mere $US1.5 million.


The bankruptcy auction is expected to be held in August.


Linc USA’s parent began insolvency proceedings in Australia in April, and the US company filed for chapter 11 protection on May 29.


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