© 2012 The Texas Lawbook.
By Mark Curriden, JD
Senior Writer for The Texas Lawbook
Oklahoma City-based Devon Energy has agreed to a $1.4 billion joint venture agreement with a Japanese-based trading house.
Vinson & Elkins energy transactions partner John B. Connally is representing Devon.
Under the deal, Sumitomo Corporation pays $340 million for a 30 percent ownership stake in two separate Texas shale oilfield assets in the Permian Basin. The Japanese company also agrees to fund another $1 billion to cover most drilling costs. The deal is expected to close by September 30.
Other V&E lawyers working on the transaction were Mingda Zhao and Danielle Mangrum.
It is unknown what law firm is representing Sumitomo.
© 2012 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.