Houston Bracewell attorneys Alan Rafte and Jonathan Selinger represented Apache Corp. in its $713 million strategic exit from Canada.
Apache exited Canada upon closing of three recent transactions: the sale of Apache Canada Ltd. to a subsidiary of Paramount Resources; the sale of its Provost assets in Alberta to an undisclosed buyer; and the sale of its assets at Midale and House Mountain, located in Saskatchewan and Alberta, to Calgary-based Paramount Resources.
Apache General Counsel Anthony Lannie, Assistant GC Patrick Whitman and senior counsel Mike Myers were heavily involved in the transactions on the in-house end.
This isn’t the first time for Rafte to represent Apache. In 2014, he handled the Houston energy company’s $1.4 billion sale of its interest in the Lucius and Heidelberg deepwater Gulf of Mexico developments to Freeport-McMoRan. The year before, he handled the company’s $3.75 billion divestiture of its Gulf of Mexico Outer Continental Shelf business. And in 2012, he represented Apache when it acquired Cordillera Energy Partners III, which holds oil and gas assets in the Anadarko/Granite Wash Basin, for $2.85 billion.
Apache said it will use proceeds from its Canada exit to focus its efforts in West Texas’s Permian Basin, as well as fund a portion of the company’s 2017-2017 capital program, reduce debt, or improve overall liquidity.