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BCE-Mach's $320MM Deal for Alta Mesa Nixed as Financing Evaporates
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Alta Mesa Resources' $320MM sale to BCE-Mach III, the third partnership between Bayou City and Mach Resources LLC, has been nixed in the wake of the decline in oil prices, according to a report by Reuters.
The financing that BCE-Mach III was arranging with UBS AG to fund the deal has been scrapped due to current market conditions, as cited in bankruptcy filings.
Alta Mesa filed for bankruptcy in September 2019 and its midstream subsidiary, Kingfisher Midstream, followed suit in January 2020.
The company's assets include 130,000 net acres in the Anadarko Basin STACK/SCOOP.
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