Investors bid more than $10 million for St. Gregory’s University’s oil and gas wells
The Associated Press and The Oklahoman - July 20, 2018 12:05 pm
SHAWNEE, Okla. (AP) — Investors have paid more than $10 million in bids for assets involving oil and natural gas wells owned by the bankrupt St. Gregory’s University in central Oklahoma as part of a court-ordered auction.
The Oklahoman reports that bidders this week paid more than $10.2 million for minerals, royalties, overriding royalties and working interests involving nearly 1,700 properties the Shawnee university owned in 10 states.
The sale of St. Gregory’s oil and gas interests and mineral rights were ordered by a judge overseeing the university’s bankruptcy. Representatives of the auction ending Thursday couldn’t say whether the results allow trustees to successfully retire the university debt owed to creditors.
St. Gregory’s was Oklahoma’s oldest higher education institution and the state’s only Roman Catholic university. It closed last year amid financial troubles.
