Akin Gump Advises Laredo Petroleum in Midland Basin Deal
(Houston) – Laredo Petroleum, Inc. announced it has signed a purchase and sale agreement for additional acreage within the company’s existing footprint in the Midland Basin for $125 million, subject to customary closing price adjustments. Akin Gump advised Laredo on the transaction.
The acquisition secures additional rights for Laredo to the Spraberry interval, enables the drilling of additional 10,000-foot or longer locations, facilitates the new Western Glasscock production corridor and increases the company’s working interest in current leasehold in western Glasscock and Reagan counties, Texas. Laredo closed a portion of this acquisition for approximately $92.7 million on July 13. The closings on the remaining interests, which are subject to certain preferential purchase rights and consents, are expected to occur as such rights and consents are satisfied or obtained.
Christine LaFollette, partner in charge of Akin Gump’s Houston office and a member of the firm’s oil and gas practice, led the team advising Laredo. She was joined by oil and gas associates Erik Shoemaker and Michelle Zavislan and tax partner Alison Chen.
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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