Akin Gump Reps OZ Management in $185.3M Investment into Extraction Oil & Gas
(Houston) – An Akin Gump team led by Houston energy private equity partner Shubi Arora advised an affiliate of Och-Ziff Capital Management Group, LLC (“OZ”) as lead investor in a $185.3 million convertible preferred equity investment into Extraction Oil & Gas LLC (“Extraction”), in advance of its initial public offering (“IPO”). Mr. Arora and Akin Gump previously represented OZ on two prior equity investments in Extraction in 2014 and 2015 and also advised OZ in connection with matters relating to the IPO.
The investment proceeds were used to fund a portion of the purchase price for Extraction’s acquisition of assets (“Bayswater Assets”) located in the Wattenberg Gas Field in central Colorado from Bayswater Exploration & Production, LLC, and certain of its affiliates. The Bayswater Assets consist of working interests in approximately 6,100 net acres, producing approximately 10,200 net BOE/d during the month ended July 31, 2016, which were primarily oil or natural gas liquids.
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