© 2013 The Texas Lawbook.
By Mark Curriden
Senior Writer for The Texas Lawbook
(April 5) – Houston-based Midstates Petroleum Company has entered into an agreement to purchase developed and undeveloped assets in the Anadarko Basin in Texas and Oklahoma owned by Panther Energy, Red Willow Mid-Continent and LINN Energy Holdings.
The $620 million transaction is expected to close in about 60 days.
Vinson & Elkins is representing Midstates, led by Houston energy M&A partner Shay Kuperman. Kuperman also is advising Irving-based Pioneer Natural Resources in its $1.7 billion joint venture with Chinese-owned Sinochem. He also recently represented Samsung in its formation of an engineering joint venture with AMEC.
V&E capital markets partner Matt Pacey and project finance partner Darin Schultz – both in the firm’s Houston office – are playing key roles in the transaction. Pacey represented Midstates on their IPO last April.
“This transaction was interesting because it involved three different sellers and we moved very quickly to negotiate a deal that would be acceptable to each of the sellers and Midstates,” said Kuperman. “Several challenges arose throughout the deal to address the concerns of each party involved, and ultimately it took some creative thinking to reach a deal that was acceptable to each of the sellers and Midstates.”
Panther Energy is being advised by Tulsa-based Conner & Winters. Red Willow used Maynes, Bradford, Shipps & Sheftel of Colorado. LINN Energy reportedly did not use outside counsel.
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