The public auction of the Mustang oil and gas field that was scheduled to be held in the main entrance of the Alaska Court System Building in Barrow on July 31 will be postponed, although the new date for the sale was not available this afternoon.
The original beneficiary, the Alaska Industrial Development and Export Authority, is selling the property for cash to the highest bidder to satisfy all indebtedness, together with any interest and all necessary costs and expenses.
As of April 29, the first of two notes on the Mustang assets, including principal, late fees, accrued interest and foreclosure fees, is listed as $70,290,445.91 in the foreclosure's legal notice. The second note shows a principal balance of $6,119,409.00, accrued interest of $608,252.52, zero late fees, and a per diem of $2,179.52. The balance will continue to accrue interest after April 29.
The substitute trustee is Trustee Services of Alaska.
Payment must be made at the time of sale in cash or by cashier's check.
The Mustang assets involve state of Alaska leases and the sale is subject to approval by the Alaska Department of Natural Resources.
The bidder has to use its "best efforts to obtain DNR approval within 30 days after the auction date," the legal notice said.
If the bidder has not obtained that approval, or otherwise confirmed in writing to the trustee that it will purchase the property without obtaining DNR's approval in that time-frame, the trustee has the right to cancel the sale to the bidder.
- KAY CASHMAN
