The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Alpine Summit Energy Partners, Inc. on July 25, 2023. The Court approved the asset purchase agreement between the debtor and the stalking horse bidder. The debtor?s assets include substantially all of the oil and gas assets and properties directly held by the Debtors located in Webb and/or La Salle Counties, Texas, including wells (The South Texas Assets) and substantially all of the oil and gas assets and properties directly held by the Debtors located in Austin, Fayette, Lee, Robertson, and Washington Counties, Texas, which are located in and around Giddings, Texas, including wells (the Giddings Assets).

To qualify as a qualified bidder, interested parties should submit their bids by August 18, 2023. If the debtor receives any qualified bids then it would hold an auction for its assets on August 24, 2023. The stalking horse bidder would be entitled to a break-up fee and expense reimbursement not exceeding (a) 3% of the cash purchase price contemplated by such Stalking Horse Agreement for the Breakup Fee plus (b) the lesser of (i) $500,000; or (ii) 1% of the cash purchase price contemplated by such Stalking Horse Agreement for any Expense Reimbursement in case of termination of the asset purchase agreement.

The sale hearing is scheduled for August 28, 2023 (the ?South Texas Sale Hearing?) and October 18, 2023 (the ?Giddings Sale Hearing?).