The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of New Source Energy Partners LP on April 26, 2017. The Court approved the asset purchase agreement between the Trustee of the debtor and H&P Investments, LLC, the stalking horse bidder, for the sale of certain assets for a purchase price of $10 million. The debtor’s assets include certain oil and liquids assets. To qualify as a qualified bidder, interested parties should submit their bids by June 2, 2017. The initial minimum overbid should be at least $0.3 million (break-up fee) more than the initial purchase price. The debtor has scheduled an auction on June 7, 2017. At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to a break-up fee of $0.3 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for June 12, 2017. Maynard Cooper & Gale, PC acted as advisors to the buyer.