Edge Petroleum Gets Plan OK, Sells Assets To Mariner

Law360, New York (December 15, 2009, 5:43 PM EST) -- Edge Petroleum Corp. has sold its assets to Mariner Energy Inc. for $215 million and received approval for its Chapter 11 reorganization plan, the bankrupt oil and gas producer said Tuesday.

Houston-based Mariner submitted the highest bid at a court-supervised auction held before the U.S. Bankruptcy Court for the Southern District of Texas, beating out stalking horse bidder PGP Gas Supply Pool No. 3, Edge said in a statement.

Mariner bid $260 million, which was reduced by $23.9 million to reflect a fixed gas price adjustment....
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