© 2016 The Texas Lawbook.
By Natalie Posgate
(Aug. 8) – Riverstone Holdings said Monday that it is selling its Permian Basin-focused oil and gas company, Rock Oil Holdings, to Denver-based SM Energy for $980 million.
The transaction will allow SM to more than double its acreage in the Permian’s sought-after Midland Basin to 46,750 net acres.
A Houston-based team from Latham & Watkins advised Rock Oil and Riverstone on the transaction. Partner Robin Fredrickson and associate Chad Smith led the deal team, which also included partners Michael Dillard, Tim Fenn and Michael P. Darden and associates Sean McKinley and James Cole.
Jeffries and Petrie Partners served as Rock Oil’s financial advisors.
SM used an in-house legal team to handle its end of the deal.
Since Houston and Denver-based Rock Oil was formed in March 2014, it has acquired approximately 24,783 net acres in the Midland Basin.
Last July, Dillard and Darden led Rock Oil’s $281 million purchase of LINN Energy’s remaining acreage in the Howard County area of the Permian Basin.
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