Mach, Bayou Joint Venture Wins Auction for Alta Mesa Assets

A joint venture of energy producer Mach Resources and private equity firm Bayou City Energy won a bankruptcy auction to buy Alta Mesa Resources Inc.'s assets.

The winning bid price for the Jan. 15 auction was not disclosed in Alta Mesa’s notice, filed Thursday in the U.S. Bankruptcy Court for the Southern District of Texas.

Alta Mesa in December named the joint venture, BCE-Mach III, as the stalking horse initial bidder with an offer of $310 million. BCE-Mach offered $224.8 million for Alta Mesa’s exploration and drilling business and $82.5 million for the midstream business of an Alta Mesa affiliate, ...