Akin Gump advised Gulfport Energy Corporation in an offering of $300 million aggregate principal amount of its 7.750 percent senior notes due 2020 at an issue price of 106 percent of the aggregate principal amount of the notes. The notes were sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. (more…)

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LINN Energy, LLC (Nasdaq:LINE) (“LINN”) and LinnCo, LLC (Nasdaq:LNCO) (“LinnCo”) announced that LINN signed a definitive purchase agreement to acquire assets in the Hugoton Basin from Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer”) for a contract price of $340 million. The assets are currently producing approximately 40 MMcfe/d, approximately 60 percent of which is natural gas, with a shallow base decline of approximately six percent. Total proved reserves are estimated to be approximately 340 Bcfe (approximately 95 percent PDP). The asset package is comprised of approximately 235,000 net acres, all held by production, with approximately 1,200 producing wells. LINN has identified 180 future drilling locations and 150 recompletion opportunities. The acquisition is anticipated to close in the third quarter of 2014 with an effective date of July 1, 2014. (more…)

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VTTI Energy Partners LP (NYSE: VTTI), a Marshall Islands limited partnership, completed its initial public offering of 20,125,000 common units (including 2,625,000 common units pursuant to the underwriters’ option to purchase additional common units). The common units were sold by VTTI MLP Partners B.V., a wholly-owned subsidiary of VTTI B.V. (more…)

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On August 5, 2014, Transocean Partners LLC (NYSE: RIGP), a Marshall Islands limited liability company formed by Transocean Ltd. (NYSE: RIG), completed its initial public offering of 20,125,000 common units representing limited liability company interests (including 2,625,000 common units sold pursuant to the underwriters’ option to purchase additional units) at $22.00 per unit. All of the common units were sold by Transocean Partners Holdings Limited, a wholly owned subsidiary of Transocean Ltd. (more…)

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Vanguard Natural Resources, LLC today announced it has entered into a definitive agreement to acquire natural gas, oil and natural gas liquids (“NGLs”) assets in North Louisiana and East Texas for a purchase price of $278 million from Hunt Oil Company. The properties consist of approximately 23,000 net acres that are currently producing approximately 17.5 MMcfe per day, with approximately 67% natural gas and 33% oil and NGLs. The effective date of the acquisition is June 1, 2014, and the anticipated closing of the acquisition is on or before October 1, 2014. (more…)

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Akin Gump represented Alliance Data Systems Corporation in a recently completed Rule 144A/Regulation S offering of senior notes.

The offering consisted of $600 million aggregate principal amount of 5.375 percent senior notes due 2022. The notes are general unsecured senior obligations of Alliance Data Systems, guaranteed on a senior unsecured basis by certain subsidiaries of the company and will pay interest semi-annually, commencing on February 1, 2015. Alliance Data intends to use the net proceeds of the offering to repay a portion of the outstanding indebtedness under its revolving credit facility. (more…)

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Akin Gump advised Newfield Exploration Company in a deal announced July 29, in which the company signed a $588 million purchase and sale agreement for its Granite Wash assets to Oklahoma City-based Templar Energy LLC (operating through Le Norman Operating LLC). The sale will have an effective date of July 1, 2014, and is expected to close in the third quarter of 2014. (more…)

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A Hogan Lovells cross-border, cross-practice team made up of lawyers from Denver, Houston, Washington, D.C., and Tokyo, advised JX Nippon Oil & Gas Exploration Corporation (“JX Nippon”) in its formation of a 50/50 joint venture company (“ the Company”) through its wholly owned subsidiary JX Nippon Oil Exploration (EOR) Limited1; and Petra Nova Holdings LLC, a wholly owned subsidiary of NRG Energy, Inc. (“NRG”). (more…)

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Akin Gump advised Diamondback Energy on a pair of transactions announced on July 21.

In one, Diamondback priced an underwritten public offering of five million shares of its common stock at a price to the public of $87 per share. The underwriters have an option to purchase up to an additional 750,000 shares of common stock from Diamondback at the public offering price (less the underwriting discount). Net proceeds to Diamondback, after the underwriting discount and estimated offering expenses, will be approximately $421.7 million or approximately $484.9 million if the underwriters’ option is exercised in full.

In the other transaction, Diamondback announced it had entered into a definitive purchase agreement with unrelated third party sellers to acquire additional leasehold interests in the Midland Basin for an aggregate purchase price of approximately $538 million, subject to certain adjustments. Upon completion, the acquisition will provide Diamondback with primarily operated leasehold interests, the majority of which are located in Texas’ Midland and western Glasscock counties. (more…)

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Milbank, Tweed, Hadley & McCloy LLP represented the lenders in connection with the senior debt financing for the Petra Nova Carbon Capture Project, a groundbreaking $1 billion carbon capture and sequestration (CCS) and enhanced oil recovery (EOR) project that is expected to be the world’s largest facility using captured carbon dioxide from an existing power facility to assist in extracting otherwise difficult-to-reach oil.

A Milbank team led by Tokyo-based Global Project Finance partner Alec Borisoff advised the senior lenders, including Japan Bank for International Cooperation (JBIC) and Mizuho Bank, Ltd., who is backed by insurance provided by Nippon Export and Investment Insurance (NEXI). (more…)

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On July 11, 2014, Noble Corporation plc (NYSE: NE) announced that its board of directors approved the spin-off of Paragon Offshore plc, a wholly-owned subsidiary of Noble, through a pro rata distribution of an aggregate of 84,753,393 Paragon ordinary shares to the holders of Noble ordinary shares. Noble shareholders will receive one ordinary share of Paragon for every three ordinary shares of Noble held at 5:00 p.m., New York City time, on the record date of the distribution, July 23, 2014. No fractional Paragon shares will be issued; however, shareholders entitled to receive a fractional Paragon share in the distribution will instead receive the cash value of that fractional share. Subject to the satisfaction of the conditions to the spin-off, the distribution is expected to occur on August 1, 2014. Noble first announced its plan to separate Noble’s standard specification business in September 2013. Following the distribution of the Paragon ordinary shares, Paragon will be a separate, publicly traded company, and Noble will not retain any ownership interest in Paragon. Paragon has applied to list its ordinary shares on the New York Stock Exchange under the symbol “PGN.”

In connection with the spin-off, Paragon executed debt financings of approximately $1.73 billion, including a private offering of senior notes under Rule 144A and a term loan financing. Paragon also entered into an $800 million revolving credit facility. (more…)

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A team of attorneys from Andrews Kurth LLP served as project development counsel to NRG Energy Inc. in the company’s joint venture with JX Nippon Oil & Gas Exploration Corp. to build the world’s largest post-combustion carbon capture and sequestration (CCS) facility on an existing coal plant in Fort Bend County, Texas.

The Petra Nova Carbon Capture Project at the W.A. Parish Power Plant Facility will capture 90 percent of the carbon dioxide (CO2) from processed flue gas, or approximately 1.6 million tons of CO2 annually. The CO2 will be delivered through an 82-mile pipeline for enhanced oil recovery at the West Ranch Oil Field in Jackson County, Texas. The West Ranch Oil Field is estimated to contain more than 60 million barrels of oil, available through enhanced recovery operations. (more…)

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