McClendon Probate Judge Approves Land Sale to Jones Energy, Inc. for $136.5 Million

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An Oklahoma County probate judge approved a significant land sale in the estate of oil tycoon Aubrey McClendon on Friday.

Judge Richard Kirby approved Texas-based Jones Energy, Inc.’s purchase agreement to acquire 18,000 acres primarily in southern Canadian and northern Grady counties for $136.5 million from the estate.

Details of the sale were reported on August 18, 2016 by OK Energy Today. A total of 32 potential buyers signed confidentiality agreements on the land sale which was owned by Scoop Energy Company LLC, a holding company owned by McClendon.

Some of the sales proceeds will be used to repay Oaktree Capital Group LLC, a private equity firm which was owed $85 million by McClendon.

Following repayment, Oaktree has agreed to release its claim on McClendon’s 20 percent ownership stake in the NBA’s Oklahoma City Thunder professional basketball team. No decision has been made concerning the sale of McClendon’s share of the basketball franchise.

McClendon used his interest in the Oklahoma City Thunder to personally guarantee the Oaktree loan which defaulted upon McClendon’s death in a fiery car crash in March, just one day after a federal grand jury indicted McClendon for an alleged bid rigging scheme.