Akin Gump Advises Parallel Petroleum LLC in Sale to Samsung C&T and the Korea National Oil Corporation
A team of Akin Gump attorneys advised Midland, Texas-based Parallel Petroleum LLC in connection with its sale to Samsung C&T and the Korea National Oil Corporation. Samsung C&T Oil & Gas Parallel Corp., Samsung C&T’s local subsidiary in the United States, and KNOC signed a purchase and sale agreement with PLLL Holdings, LLC, which owns Parallel, on November 29th, 2011. Upon completion of the transaction, Samsung and KNOC will respectively own 90 percent and 10 percent of Parallel. Parallel is an affiliate of funds managed by Apollo Global Management LLC and its subsidiaries.
Parallel currently operates oil and gas producing fields throughout Texas and New Mexico, producing approximately 8,400 barrels of oil and gas per day with approximately 69 million barrels in reserves.