© 2013 The Texas Lawbook.
By Natalie Posgate
Staff Writer for The Texas Lawbook
Diamondback Energy, Inc. of Midland, Texas has entered an agreement to purchase mineral interests in its hometown for $440 million from Ibex Mineral Resources LLC and Beehive Partners LLC.
Dallas energy partner Seth Molay of Akin Gump Strauss Hauer & Feld is representing Diamondback in the acquisition, with assistance from Houston energy senior counsel Tana Pool.
Venice, Fla. lawyer Greg A. Betterton is representing the two out-of-state sellers in the transaction.
Molay and other Akin Gump attorneys have been working with Diamondback quite frequently over the past 10 months. The firm has advised Diamondback in multiple equity offerings, including:
• Oct. 17, 2012, when Diamondback completed its initial public offering and sold 14 million shares of common stock for $251.6 million
• May 22, 2013, when Diamondback completed an underwriting primary public offering of 5 million shares of common stock valued at $151.4 million
• June 24, 2013, when certain stockholders completed an underwritten secondary public offering of 6 million shares of common stock for $238.7 million
• Aug. 20, 2013, when the company completed an underwritten public offering of 4 million shares of common stock, and Aug. 28, 2013, when underwriters purchased an additional 600,000 shares – both totaled to $185.2 million
The proposed transaction with Ibex and Beehive is expected to close by the end of this month.
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