Texas-based real estate group EF Real Estate Holdings LLC is foreclosing on $21.5 million worth of gas wells leased to Maralex Resources Inc., an oil and gas company based in Ignacio.
On Aug. 6, The Durango Herald ran a multipage combined notice from La Plata County, notifying residents of the foreclosure sale of oil and gas wells throughout La Plata County.
According to the official petition from EF Real Estate Holdings, Maralex Resources was approved to lease the wells on Dec. 15, 2022, and agreed to pay off its debt by Dec. 9, 2023. However, the petition said Maralex failed to pay off its multimillion dollar loan granted by EF Real Estate Holdings on the agreed-upon date, which prompted the real estate group to request the foreclosure sale be authorized by La Plata County Court.
On July 8, the real estate company filed a petition with La Plata County courts, asking the county to authorize a foreclosure sale under Colorado Rules of Civil Procedure 120, which allows the process of authorizing a foreclosure sale under the power of trust held by a public trustee, according to the Colorado Judicial Branch.
Maralex was required to respond to the petition by July 31, according to court documents acquired by the Herald. On July 30, the company responded in opposition to the order.
On Aug. 6, EF Real Estate Holdings replied in support of the original foreclosure sale. The movement was sent back to the judge working on the case. The latest movement is currently awaiting the judges assigned to the case decision, though no date was provided by the court as to when that decision will be made.
sedmondson@durangoherald.com
