Akin Gump and V&E Work on $2.43B Reeves, Pecos Counties Assets Deal

© 2016 The Texas Lawbook.By Natalie Posgate (Dec. 14) – Boone Pickens isn’t the only person to recently grace the tiny town of Pecos with his presence in search of some oil. Midland-based Diamondback Energy said Wednesday that it is purchasing $2.43 billion worth of assets in West Texas’ Reeves and Pecos counties from Brigham Resources Operating and Brigham Resources Midstream. The deal brings Diamondback’s total leasehold interests to approximately 182,000 net surface acres in the Permian Basin. The acquisition includes 76,319 net acres in the Pecos and Reeves counties of the Delaware Basin. Diamondback has agreed to pay Brigham Resources $1.62 million in cash and 7.69 million shares of Diamondback common stock. Diamondback General Counsel Randall Holder turned to Dallas partner Seth Molay of Akin Gump Strauss Hauer & Feld to lead its end of the deal. The Akin Gump Dallas partner Matt Zmigrosky also worked on corporate matters, while Houston partner Michael Byrd, associates Gonzalo Castro, Shawn Beloin, Jacob Johnson, Robin Raasch and Shane Sullvan and senior attorney Shane Sullivan worked on oil and gas matters. Houston partner Alison Chen worked on tax matters for Diamondback. Attorneys from the firm’s Los Angeles and Washington, D.C. offices were also…