Bankrupt gas company to be offered at auction
CHARLESTON - The U.S. Bankruptcy Court for the Southern District of West Virginia has hired a company to auction off the assets of Hard Rock Exploration Inc. and its affiliated companies that operate in several West Virginia several counties, including Cabell.
Joe R. Pyle Complete Auction and Realty Service announced Wednesday that it has been hired by order of the court to market and manage the auction of the assets of Hard Rock, its affiliated companies Caraline Energy Co., Brothers Realty LLC, Blue Jacket Gathering LLC and Blue Jacket Partnership, as well as the assets of certain limited partnerships managed by Hard Rock.
Hard Rock is a major natural gas production and gathering company operating in the Devonian Shale formation in the Appalachian Basin in the West Virginia counties of Cabell, Jackson, Lincoln Mason, Putnam, Roane and Wirt and Buchanan County in Virginia. The companies are currently still in operation, according to a spokesperson with the auction company.
Sealed bids will be received until 4 p.m. Monday, Feb. 25, and a live auction event for qualified bidders will be 9 a.m. Monday, March 4, in Charleston.
Interested parties must contact the staff of Joe R. Pyle Complete Auction and Realty Service to request entry to the secure online data site to access records and files. Full terms and auction details are available on the web at www.HREauctionWV.com or further information is available by calling the auction staff at 304-254-6800 or emailing email@example.com.
On Sept. 5, 2017, Hard Rock and its affiliates filed for bankruptcy protection. Shortly after filing for Chapter 11 bankruptcy, Hard Rock reported a monthly cash flow shortage of $325,000, and according to Hard Rock’s lender, Huntington National Bank, “rehabilitation of the Debtors’ business is impossible” due to its ongoing hemorrhaging of cash.
The assets of Hard Rock and its affiliates include approximately 400 miles of production and gathering lines, 4 compressor stations, 394 wells under management, approximately 53,000 acres under lease, a fully furnished office complex located in Charleston and a maintenance facility, the auction company said in a news release.