Akin Gump Advises Gulfport Energy in Paloma Partners Deal
(Dallas) – Akin Gump advised Gulfport Energy Corporation in an agreement to acquire Paloma Partners III, LLC for a total purchase price of $301.3 million, subject to closing adjustments.
Paloma holds about 24,000 net nonproducing acres in the core of the dry gas window of the Utica Shale, located in Ohio’s Belmont and Jefferson counties. Pro forma for the full 24,000 acres contemplated by this transaction, Gulfport’s holdings of Utica Shale leasehold are expected to total approximately 212,000 gross (208,000 net) acres under lease in the core of the play. The transaction is expected to close during the third quarter of 2015, subject to the satisfaction of certain closing conditions.
Seth Molay, a partner in Akin Gump’s corporate practice, led the team advising Gulfport. He was joined by fellow corporate partner Joe Motes, oil & gas and natural resources partner Michael Byrd, tax partner Dan Micciche, oil & gas and natural resources counsel Cody Carper, corporate associates Andrew Tran and Katie Dinett and oil & gas and natural resources associate Rahul Vashi.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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