Cox Operating Approved to Sell Some Oil Fields for $20 Million

Cox Operating LLC won approval to sell about a dozen oil fields to Natural Resources Worldwide LLC for about $20 million following a bankruptcy court auction.

The sale, approved by a bankruptcy judge on Feb. 10, follows a larger one last month, when Cox finalized a $72 million deal to sell oil and gas wells and mineral rights to W&T Offshore Inc.

Cox’s inability to close the previous deal threw its bankruptcy into turmoil. Its progress on the latest deal brings it another step closer to resolution.

Cox in November agreed to let its creditors submit Chapter 11 plans ...