Bracewell & Giuliani LLP is representing Apache Corporation in its acquisition of Cordillera Energy Partners III LLC, a privately held company, for $2.85 billion.
Cordillera has approximately 254,000 net acres in Granite Wash, Tonkawa, Cleveland, and Marmaton plays in western Oklahoma and the Texas Panhandle. They also have estimated proved reserves of 71.5 million barrels of oil equivalent and current net production of 18,000 boe per day and 14,000 potential drilling locations in Anadarko Basin plays.
The sellers will receive approximately $600 million in Apache common stock subject to customary lock-up provisions, with the balance to be paid in cash and funded with debt. The effective date of the transaction is Sept. 1, 2011, with closing anticipated in the second quarter, subject to regulatory approval and customary closing conditions.
Bracewell attorneys involved in the transaction include:
Partners: G. Alan Rafte, Greg M. Bopp, John R. Brantley, Stephen B. Crain, Troy L. Harder, Dan E. Hemli, Bruce R. Jocz, Bryan E. Loocke, Tim A. Wilkins
Counsel: Jackie R. Java
Associates: Stephen M. Boone, Keith L. Cooper
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