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Emerald Oil Corrected Purchase Agreement Filed

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Emerald Oil filed with the U.S. Bankruptcy Court a notice of filing of a corrected stalking horse purchase agreement.

The notice states, “The Stalking Horse Purchase Agreement contains the following corrections: Stalking Horse Purchase Agreement: Added a reference to Schedule 7.2 – Allocated Values in the Table of Contents; Disclosure Schedules: Reordered placement of Schedule 7.2 – Allocated Values; and Exhibit C: Inserted an amended Exhibit C that removed 47 Contracts that are no longer Assigned Contracts.”

According to documents filed with the Court, “Prior to or substantially concurrent with the execution of this Agreement (or, in the event that the Escrow Agent is not prepared to accept the Deposit on the date hereof, as soon as the Escrow Agent is so prepared, including that the Parties have satisfied its ‘know your customer’ and other compliance requirements and provided its wire instructions), Buyer has paid or shall pay to Sellers, to be held in escrow by the Escrow Agent, by bank wire transfer of immediately available funds, a deposit in the amount of three million six hundred and fifty thousand dollars ($3,650,000) (the ‘Deposit’).”

Court-filed documents continue, “At Closing, unless the Applicable BLM Leases have been reinstated by the BLM, Buyer shall pay to Sellers, to be held in escrow by the Escrow Agent, by bank wire transfer of immediately available funds, a deposit in the amount of Five Million Eight Hundred Fifty Thousand and No/100 Dollars ($5,850,000) (the ‘BLM Holdback’), being equal to the Allocated Values of the three (3) Wells affected by the BLM Matters (Clark Griswold Federal 3-17-20H, Noonan Federal 3-18-19H, and Greg Marmalard Federal 3-28-33H) (such Wells, being the ‘Applicable BLM Wells’, and the corresponding Leases, being the ‘Applicable BLM Leases’).”

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