The court approved bidding procedures for Edge Petroleum’s sale process, turning the case quickly toward a November 2009 asset-sale track. Under the bidding procedures order, qualified bids for substantially all assets were due November 12 at 5:00 p.m. Central, with an auction set for November 16 at 10:00 a.m. at Vinson & Elkins and a sale hearing scheduled for November 19 at 9:00 a.m. Central.

The order identifies PXP Louisiana L.L.C. as stalking horse bidder and approves bid protections of a $1.5 million break-up fee plus up to $500,000 of expense reimbursement. Sale objections were due November 16 at 4:00 p.m. Central. For professionals tracking value and control in the case, the order establishes the competitive sale window, locks in PXP’s baseline economics, and creates the near-term dates that will determine whether a higher or better bid emerges.