Baker Botts Represents Hunt Oil in $1.3 billion Eagle Ford Shale Joint Venture

by Mark Curriden, Senior Legal Affairs Writer

Dallas-based Hunt Oil Company announced Friday that it has reached an agreement to sell 35 percent of its interests – or 52,000 net acres of oil and gas leases – in an Eagle Ford Shale position to Marubeni Corporation of Japan for $1.3 billion.

Baker Botts served as Hunt’s legal advisors on the transaction, while Pillsbury Winthrop represented Marubeni.

The deal, which is being described as a joint venture, calls for several hundred wells to be sequentially drilled for 5–10 years, with total development costs over the plan period estimated to be approximately $1.3 billion. In addition, Marubeni and Hunt have agreed to jointly acquire additional acreage in the Eagle Ford Shale oil and gas play.

Hunt currently owns about 150,000 acres of oil and gas leases in South Texas.

Baker Botts oil & gas partner Denmon Sigler in Houston and corporate partner Mike Bengtson of Austin were the lead lawyers for Hunt. Other Baker Botts lawyers involved were Dallas tax law partner Steve Marcus and Austin environmental law partner Aileen Hooks, as well as energy law associates Katie Baehl and Ryan McKnight in Houston, and tax law associate James Chenoweth in Dallas.

Pillsbury energy law partner John Mauel and associate Jay Stiffler of Houston led the deal for Marubeni.

Hunt Oil General Counsel Mark Gunnin, assistant general counsel Michael Monroe and senior counsel Curtis Riddle also played significant roles in the transaction.