© 2014 The Texas Lawbook.
By Natalie Posgate – (August 4) – Houston-based Vanguard Natural Resources LLC has agreed to acquire $278 million worth of energy assets in North Louisiana and East Texas from Dallas-based Hunt Oil Company.
Austin corporate partner Mike Bengston of Baker Botts led the transaction for Hunt, with assistance from Houston associates Erin Hopkins and Lindsey Blankenau.
In-house lawyers involved in the deal on Hunt’s end include General Counsel Mark Gunnin, and assistant GCs Jim Johnson and Jason Green.
In January 2012, a group of Baker Botts attorneys including Bengston advised Hunt when it sold 35 percent of its interest in its Eagle Ford Shale acreage to Japan’s Marubeni Corp and agreed for the two companies to jointly develop it – a project that was projected to cost $1.3 billion over
the next 10 years.
Houston attorney Pat Doherty of Doherty & Doherty represented Vanguard in the deal. Doherty said his firm has handled acquisition matters for Vanguard for the past five years.
In May, Doherty & Doherty handled an asset exchange for Vanguard in which the company acquired natural gas and NGL properties in the Wamsutter natural gas field in Wyoming from Houston-based Marathon Oil Company in exchange for 75 percent of Vanguard’s working interests in the Gooseberry Field properties in Wyoming. Doherty said the total consideration for the transaction was the mutual exchange and assignment of interests in the properties and a net cash consideration of $9.6 billion paid to Marathon Oil.
The firm also closed a transaction for Vanguard on Jan. 31 when it acquired natural gas and oil properties in the Pinesdale and Johah fields of Southwestern Wyoming from an unnamed source for $549 million.
Vanguard’s deal with Hunt is expected to close on or before Oct. 1. The assets affiliated with the transaction include approximately 23,000 net acres, with approximately 67 percent natural gas and 33 percent oil and NGLs.
© 2014 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.