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VENDETTA ROYALTY PARTNERS, LTD RECEIVERSHIP

Sale of Haley Oil and Barefoot Working and Overriding Royalty Interest


On June 22, 2018 the Receiver filed a Motion to Confirm Transfer of Assets and Liabilities of Haley Oil Company, Inc. and Barefoot Minerals, GP (Dkt. 383) (“Motion”). The Motion and related documents are as follows:



You can view "383 Motion to Confirm Sale of Haley.pdf" at: https://files.acrobat.com/a/preview/d9eab5a7-8640-4a21-b753-4c0a52881c51


You can view "384 APPX to 383 Motion to Confirm Sale of Haley.pdf" at: https://files.acrobat.com/a/preview/3a5b3c5e-bd2f-490f-b8cc-85a74155ae65


You can view "387 Prop Order re 383 Motion to Confirm Sale of Haley.pdf" at: https://files.acrobat.com/a/preview/a5b01897-a7a6-413a-86a4-acd4c4673959


Through the Motion the Receiver seeks confirmation of the transfer by private sale of the “Haley Interests” to Odis Petroleum, Inc. (“Buyer”) as-is, where-is and with all faults, without warranty. The Haley Interests include Working and Overriding Royalty Interest in leases in Christian, Clay, Coles and Shelby Counties, Illinois, see Exhibits 2 and 3, related surface equipment and vehicles, and a certificate of deposit serving as collateral for Haley’s blanket bond. Buyer is assuming approximately $800,000 in liabilities in exchange for the assets to be transferred. These liabilities include without limitation plugging and restoration costs (less Bond CD funds), outstanding IDNR fines, and estimated legal liability related to quieting title. See, e.g., Mot. at 23.


Bona fide offers guaranteeing at least a 10 per centum increase over the price offered in the private sale may be made to the Receiver prior to confirmation by the Court.


The Court may confirm the sale to Buyer at any time on or after July 7, 2018.