© 2016 The Texas Lawbook.
By Natalie Posgate
(Dec. 21) – Lawyers for Akin Gump and Vinson & Elkins said Tuesday that they recently facilitated a deal between Oklahoma City-based Gulfport Energy Corp. and a Quantum Energy Partners portfolio company involving Oklahoma’s SCOOP region.
Gulfport agreed to purchase 46,600 acres in the core of the SCOOP, a desirable area for oil that sits in the Woodford shale formation, from Vitruvian II Woodford, LLC for $1.85 billion. Gulfport will pay Vitruvian $1.35 billion in cash and will pay for the rest with 18.8 million shares of Gulfport common stock. It will fund the cash portion of the acquisition through potential debt and equity financings before the anticipated closing date in February 2017.
Gulfport turned to Dallas corporate partner Seth Molay of Akin Gump Strauss Hauer & Feld to lead its end of the deal. He received corporate assistance from Dallas partner Matt Zmigrosky and associate Nicholas Houpt. Others on the Akin Gump deal team included Houston oil and gas partners David Sweeney and Michael Byrd, associate Niki Roberts and senior attorney Shane Sullivan; Houston tax partner Alison Chen; and attorneys from the firm’s Los Angeles and Washington, D.C. offices who advised on employee benefits and antitrust matters.
Vitruvian hired V&E Houston corporate partners John B. Connally and Steve Gill to lead its end of the transaction. Corporate associates Daniel Hatch, Kyrie Hayden and Mike Marek also played a significant role on the M&A side. The primarily Houston-and Dallas-based V&E deal team also included tax partners John Lynch and Todd Way and associate Julia Pashin; environmental partner Larry Nettles; executive compensation/benefits partner Stephen Jacobson and associate Kristy Fields; and labor & employment partner Sean Becker. The firm’s Washington, D.C. office provided antitrust advice.
BofA Merrill Lynch served as Gulfport’s exclusive financial advisor. Jeffries provided financial advice to Vitruvian.
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