In a pair of divestitures announced today, Akin Gump Strauss Hauer & Feld LLP is advising EP Energy in the sale of more than 500 billion cubic feet (Bcf) of natural gas proved reserves.
EP Energy has entered into an agreement with Atlas Energy, L.P. to sell roughly 466 Bcf of proved reserves in the Raton and Black Warrior Basins in New Mexico and Alabama, respectively, and 45 Bcf of proved reserves in the Arkoma Basin in southeastern Oklahoma for a total purchase price of $800 million. The transaction is subject to various closing conditions and the parties expect to close later this year.
Steven P. Otillar, a partner in Akin Gump’s energy and global transactions practice, and Shubi Arora, counsel in the group, led the team advising EP Energy.
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