Akin Gump ‘SCOOPS’ Up Oklahoma Oil Assets from V&E Client for $1.85B

© 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.