Akin Gump Advises Sanchez Energy in Deal to Double Proved Reserves of Eagle Ford
(Houston) – Akin Gump advised Sanchez Energy Corporation in its agreement to acquire assets in the Eagle Ford trend of South Texas from wholly-owned subsidiaries of Royal Dutch Shell plc for approximately $639 million in cash.
The deal, which is subject to usual and customary closing adjustments, consists of 60 million barrels of oil equivalent and produced 24,000 barrels of oil equivalent per day on average in the first quarter of the year. The assets comprise about 106,000 net acres in Dimmit, LaSalle and Webb Counties, bringing Sanchez’s total position in the Eagle Ford to roughly 226,000 acres.
Akin Gump energy partner David Elder led the team advising Sanchez. Also involved were energy partners Michael Byrd and Patrick Hurley, counsel Shubi Arora, and associates Cy Jones and Chase Armbrust. Partner Bill Morris and counsel Kate Huggins worked on the financing aspects of the deal. Thomas Weir, a partner in the tax practice, provided tax advice.
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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