By Mark Curriden, Senior Legal Affairs Writer
mark.curriden@texaslawbook.net
Oklahoma City-based SandRidge Energy announced Wednesday that it is paying $1.275 million to acquire Dynamic Offshore Resources, LLC, a private oil and gas company that acquires and develops producing properties in the Gulf of Mexico.
Vinson & Elkins represents Dynamic, which is based in Houston. Covington & Burlington is handling the deal for SandRidge.
The agreement calls for SandRidge to pay $680 million in cash and approximately 74 million shares of SandRidge common stock valued at $8.02 per share. In its press release, SandRidge stated, “These oil rich assets will add reserves, production and cash flow at an attractive valuation that is consistent with the achievement of SandRidge’s three year plan to triple EBITDA and double oil production while lowering its debt to EBITDA ratio.”
V&E Dallas partner James Hanna, who specializes in mergers and acquisitions, led the transaction for Dynamic. Other V&E lawyers playing key roles in the deal were tax partners David Peck and Shane Tucker in Dallas. V&E associates Christina Tate, Lanchi Huynh, and Pete Vranderic in Dallas, and Lina Dimachkieh in Houston also worked on the transaction.
Just two weeks ago, Dynamic publicly announced its decision to make an initial public offering. V&E capital markets partners Mark Kelly and Matt Pacey of Houston were leading that effort for Dynamic.
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