Ex-Parsley Energy CEO’s Fund Bids $85 Million for Rockall Assets

Formentera Partners has bid $85 million for the assets of bankrupt oil and gas company Rockall Energy Holdings, court papers show.

The cash purchase price is subject to adjustments, according to the court papers. The driller needs bankruptcy court approval for the sale to Formentera, the private equity firm co-founded by former Parsley Energy LLC Chief Executive Officer Bryan Sheffield. A hearing is scheduled for Wednesday.

Rockall, which is based in Dallas, operates in more than 100,000 net acres split among North Dakota, Mississippi and Louisiana. The company also owns assets in central Mississippi’s Pickens Field that it ...