Bowline Energy LLC has purchased private E&P Nine Point Energy's Williston Basin assets, the company said on Aug. 11. The purchase was effectuated through a Chapter 11 Section 363 process and was approved by the Bankruptcy Court and closed on August 9, 2021. 

The Williston Basin remains one of the premier oil and gas basins in the United States and Bowline is excited by the prospects of growing its operations in this basin. The purchase of the Nine Point assets gives Bowline a strong production base and steady cash flows. Coupling these attributes with Bowline's sound balance sheet, the company expects to commence a development program, funded out of cash flows, and begin evaluating strategic M&A opportunities in the near future.

In June, Reuters reported that Nine Point Energy was closer to a bankruptcy sale after liens ruling. It was reported that Nine Point Energy Holdings Inc.'s lenders must put up cash or a letter of credit to protect a midstream services provider’s interests in certain assets before they can move forward with a proposed $250 million purchase of the bankrupt energy company.

Represented by Latham & Watkins, Nine Point had around $273 million in debt when it sought Chapter 11 protection in March, according to Reuters.

Bowline is also reported that the company is in compliance with NDIC's gas capture goals for the months of June and July, 2021. In addition, Bowline anticipates that it will meet or exceed NDIC's 91% gas capture goal in August, 2021 and beyond. This provides Bowline with the flexibility to explore a myriad of long-term midstream solutions while providing a beneficial disposition of its gas. Bowline appreciates the support of its North Dakota field team for implementing our innovative gas capture solutions in a safe and expeditious manner. 

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