Northstar auto group houston tx: Northstar Offshore Ventures Acquires Gulf of Mexico Oil and Gas Assets

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HOUSTON , Aug. 26, 2017 /PRNewswire/ — Northstar Offshore Ventures LLC (NOV), a Houston, Texas based, wholly-owned subsidiary of Orinoco Natural Resources, LLC (Orinoco), is pleased to announce that it has acquired certain oil and gas assets from Northstar Offshore Group, LLC (NOG) pursuant to a Section 363 sale of the U.S. Bankruptcy Code. The sale order was approved by U.S. Bankruptcy Judge Marvin Isgur on Aug. 2 , and effective on Aug. 1, 2017 . The Assets sold are all located on the Outer Continental Shelf of the Gulf of Mexico and consist of eight producing fields, nine non-producing fields, and two primary term lease blocks. The purchase price was $13.25 million in cash plus other consideration. Investment Banking firm Parkman Whaling LLC conducted the sales and marketing process and CR3 Partners, LLC acted as Chief Restructuring Officer and Financial Advisor to NOG.

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