© 2013 The Texas Lawbook.
By Natalie Posgate
Staff Writer for The Texas Lawbook
3Bear Energy, LLC announced Monday that it has successfully secured an equity commitment from Wells Fargo & Company and affiliates of GSO Capital Partners LP to pursue the development of North American midstream assets. The equity commitment is for an undisclosed amount.
Sidley Austin’s Houston office represented GSO in the transaction, with M&A energy partner Cliff Vrielink as the lead attorney. Tax partner Tim Devetski and associates Tom Leslie and Garner Meads made up the rest of the Sidley team.
Denver-based energy boutique Beatty & Wozniak advised 3Bear, while Baker Hostetler’s Denver office served as Wells Fargo’s lead counsel.
3Bear Energy’s chief executive officer and founder is Robert J. Clark, who has formed multiple midstream oil and gas companies.
Vrielink most recently represented GSO in the formation and subsequent sale of one of Clark’s other companies, Bear Tracker Energy LLC, to Summit Midstream Partners for $513 million.
According to Vrielink, capital investment for midstream activity will continue to flourish in the U.S. since originally all of the investments directed toward upstream activity.
“People have invested all their money to resources, and now they have to develop the infrastructure,” Vrielink said. “You’re going to see a lot of money flow into [midstream activity].”
© 2013 The Texas Lawbook. Content of The Texas Lawbook is controlled and protected by specific licensing agreements with our subscribers and under federal copyright laws. Any distribution of this content without the consent of The Texas Lawbook is prohibited.
If you see any inaccuracy in any article in The Texas Lawbook, please contact us. Our goal is content that is 100% true and accurate. Thank you.