Akin Gump Client Diamondback Energy Acquires Mineral Interests in Permian Basin for $440M

(Dallas) – Akin Gump Strauss Hauer & Feld LLP advised Diamondback Energy, Inc. in its definitive agreement with IBEX Mineral Resources LLC and Beehive Partners LLC to purchase mineral interests underlying approximately 15,000 gross (12,500 net) acres in Midland County for approximately $440 million, subject to certain adjustments. The proposed transaction is expected to close by the end of September 2013, subject to completion of due diligence and satisfaction of closing conditions. Diamondback intends to finance the acquisition with debt and cash on hand.

The Akin Gump deal team was led by Dallas corporate partner Seth Molay and Houston energy senior counsel Tana Pool.

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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