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Akin Gump Advises in $440 Million Acquisition

September 5, 2013 Mark Curriden

© 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:

Seth Molay
Seth Molay

• 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.

© 2013 The Texas Lawbook. Content of The Texas Lawbook is controlled and protected by specific licensing agreements with our subscribers and under federal copyright laws. Any distribution of this content without the consent of The Texas Lawbook is prohibited.

If you see any inaccuracy in any article in The Texas Lawbook, please contact us. Our goal is content that is 100% true and accurate. Thank you.

Mark Curriden

Mark Curriden is a lawyer/journalist and founder of The Texas Lawbook. In addition, he is a contributing legal correspondent for The Dallas Morning News.

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©2025 The Texas Lawbook.

Content of The Texas Lawbook is controlled and protected by specific licensing agreements with our subscribers and under federal copyright laws. Any distribution of this content without the consent of The Texas Lawbook is prohibited.

If you see any inaccuracy in any article in The Texas Lawbook, please contact us. Our goal is content that is 100% true and accurate. Thank you.

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