Morgan Stanley’s Presidio Petroleum LLC was declared the winning bidder to buy Templar Energy LLC out of bankruptcy for $91 million, significantly more than the company’s stalking-horse suitor had offered.

Presidio’s offer in the chapter 11 auction held Thursday topped an $88.2 million bid by Zarvona Energy, according to papers filed Friday in the U.S. Bankruptcy Court in Wilmington, Del.

The…

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