© 2017 The Texas Lawbook.
By Natalie Posgate
(April 20) – A group of primarily Houston-based lawyers from Sidley Austin advised New York-based Macquarie Infrastructure and Real Assets (MIRA) in its formation of a strategic joint venture with California Resources Corp. to develop oil and gas properties in California, particularly the San Joaquin Basin.
MIRA committed to fund $160 million in the project initially, but may increase its investment to up to $300 million.
Sidley’s Cliff Vrielink and Jim Rice led the deal team that represented MIRA. They received assistance from M&A associates Tommer Yoked and Eduardo Marquez Certucha. Attorneys from the firm’s Los Angeles and Chicago offices advised on tax and environmental matters.
“Sidley has been advising Macquarie for many years across a wide spectrum of areas,” Vrielink said. “We in the Houston office helped them purchase the Leaf River gas storage facility a few years ago and continue to advise them on various matters.”
As part of the agreement, MIRA will fund 100 percent of the development wells in which it will earn a 90 percent working interest. CRC’s working interest will revert from 10 to 75 percent upon MIRA achieving an agreed return, a joint company statement says.
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