Akin Gump Advises EP Energy on Additional Natural Gas Divestitures
(Houston) – Akin Gump Strauss Hauer & Feld LLP advised EP Energy LLC in three separate deals announced today involving the sale of some of its natural gas assets.
EP Energy entered into an agreement with WildHorse Resources II, LLC, relating to the company’s Arklatex conventional gas assets located in East Texas and North Louisiana. The company also entered into an agreement with another purchaser for its legacy South Texas conventional gas assets. Finally, as previously announced by Akin Gump, EP Energy entered into an agreement with Atlas Resource Partners, L.P. relating to the company’s coal bed methane properties primarily located in the Raton, Black Warrior and Arkoma basins.
The aggregate sales price for these properties, which represented roughly 900 billion cubic feet equivalent of proved reserves as of December 31, 2012, is approximately $1.3 billion, subject to customary adjustments. All of the transactions are subject to various closing conditions and are expected to close in the third quarter of 2013.
Steven P. Otillar, a partner in Akin Gump’s energy and global transactions practice, Tana Pool, senior counsel in the practice, and Shubi Arora, counsel in the group, led the teams advising EP Energy on the three transactions.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 850 attorneys in offices throughout the United States, Europe, Asia and the Middle East.
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