© 2016 The Texas Lawbook.
By Natalie Posgate
(Oct. 25) – A team from Vinson & Elkins is representing Clayton Williams Energy in its agreement to sell substantially all of the company’s assets in the Giddings Area of East Central Texas to an undisclosed buyer for $400 million.
The sale will allow Midland-based Clayton Williams to strengthen its balance sheet and liquidity, transition the company into a pure play Permian Basin development company and focus on the development of 70,000 net acres in the Permian’s southern Delaware Basin, enable the company to re-deploy capital to higher returning projects and increase its flexibility to accelerate capital investment and create incremental shareholder value, the company said in a release.
Longtime Clayton Williams General Counsel Mark Tisdale turned to Houston and Austin corporate partners Bryan Loocke and Milam Newby to lead the deal. They received assistance from Houston associate Emery Choi. Advising on other aspects of the deal were labor/employment partner Sean Becker, compensation/benefits partner Stephen Jacobson and environmental partner Larry Nettles in Houston; tax partner Todd Way and associate Julia Pashin in Dallas; and an antitrust attorney from V&E’s Washington, D.C. office.
The sale is expected to close in December. Goldman Sachs served as Clayton Williams’ financial advisor.
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