The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of the substantially all the assets of Alta Mesa Resources, Inc. on January 14, 2020. The Court approved the asset purchase agreement between the BCE-Mach III LLC, and successful bidder, for a total purchase price of $310 million of which $85.25 million is payable to the KFM Debtors pursuant and $224.75 million is payable to the AMH Debtors pursuant to the asset purchase agreement. The debtor assets includes substantially all of the AMH Assets and substantially all of the KFM Assets. To qualify as a qualified bidder, interested parties should submit their bids by January 8, 2020. The initial minimum overbid should be in the amount of at least $2.50 million. If the debtor receives any qualified bids then it would hold an auction for its assets on January 15, 2020. At the auction, the subsequent bids would be in increments of $2.50 million for joint sale and $1 million for KFM asset sale. The KFM Debtors has agreed to pay the stalking horse bidder a break-up fee and expense reimbursement equal to 3% of the unadjusted purchase price payable under the KFM agreement in case of termination of the asset purchase agreement. The sale hearing is scheduled for January 21, 2020.