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By Natalie Posgate – (December 3) – An affiliate of The Energy & Minerals Group, LP (EMG) has closed its $460 million equity commitment to American Energy Minerals Holdings, LLC (AEMN), which was formed by its parent company to pursue a business plan focused on the acquisition of minerals and overriding royalty interests.
EMG General Counsel Laura L. Tyson turned to Austin partner Mollie Duckworth and associate John Kaercher of Baker Botts to lead the deal. They received assistance from Dallas partner Steve Marcus and associate Tara Lancaster, as well as Houston partner Hugh Tucker and associates Coleson Bruce, Bryan Cory and John Craven.
Baker Botts has represented EMG on numerous investments over the past two years, including a $385 million investment in Tailgrass Energy Partners, LP in 2012 and five investments in affiliates of American Energy Partners, LP that totaled to more than $3 billion.
Ray Lees, a partner in Porter Hedges’ new Oklahoma City office, led the transaction for AEMN. He received assistance from Houston partners Corey Brown and Jeremy Mouton.
Porter Hedges has advised AEMN in several recent matters, including two of the company’s biggest transactions this year. One was the acquisition of acreage in the Permian Basin from Enduring Resources, LLC for $2.5 billion, and the other was the acquisition of 74,000 net acres of leasehold in Monroe County, Ohio and various counties in West Virginia for $1.75 billion.
The current deal involved an aggregate of $350 million that was funded at the initial closing, which will be used to acquire 28,000 net mineral acres and 29,000 acres of ORRIs across the Utica, Marcellus, Woodford and Permian Bain plays, as well as provide AEMN with initial working capital.
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