Following an auction as part of Lilis Energy‘s Chapter 11 process, oil and natural gas company Ameredev Texas will acquire substantially all of Lilis Energy’s assets for a $46.6 million cash payment at closing.

Opportune is serving as restructuring advisor to Lilis. Vinson & Elkins is serving as legal advisor and Barclays Capital is serving as investment banker to Lilis.

In accordance with the bidding procedures approved by the United States Bankruptcy Court for the Southern District of Texas, Houston Division, the definitive purchase and sale agreement and form of sale order will be filed with the bankruptcycCourt as soon as reasonably practicable, and no later than Nov. 9 at 5 p.m. CT.

The sale will in turn be subject to approval by the bankruptcy court and certain other closing conditions. A hearing to seek required court approvals is scheduled for Nov. 9 at 11 a.m. CT. Subject to bankruptcy court approval, the transaction is expected to close in December 2020.

Lilis Energy is a Fort Worth, TX-based independent oil and gas exploration and production company that operates in the Permian’s Delaware Basin.