© 2012 The Texas Lawbook.
By Natalie Posgate
Staff Writer for The Texas Lawbook
Atlas Resource Partners, LP has entered a definitive agreement to acquire DTE Gas Resources, LLC for $255 million. DTE owns approximately 35 MMboe (million barrels of oil equivalent) of proved reserves and substantial resource potential in the Fort Worth Basin – including reserves in the Barnett Shale and Marble Falls formation.
Jones Day is advising Philadelphia-based ARP in the deal, with Houston M&A partner Jeff Schlegel as the lead attorney. Various Jones Day attorneys from the firm’s Houston, Dallas and Pittsburgh offices are also assisting with the transaction.
According to Schlegel, Fulbright & Jaworski is representing DTE Gas Resources in the deal, which is an affiliate of Detroit-based DTE Energy Company.
This transaction marks ARP’s fourth acquisition since the company’s inception in March of this year, and it is the third acquisition in the Fort Worth basin. All of ARP’s acquisitions are valued at a total of approximately $700 million. The transaction also completes the divestiture by DTE and all of its remaining exploration and production assets.
The deal is expected to close in December.
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