Fulbright represented TOTAL E&P USA, INC. in connection with its purchase of an undivided 25% interest in, and the joint development of, 619,000 net mineral acres of oil and gas properties located in the Utica Shale of eastern Ohio from Chesapeake Exploration L.L.C. and certain affiliates of EnerVest Ltd.
TOTAL paid approximately $690 million in cash at the closing of the transaction and will pay the balance of the consideration in the form of a carry toward the cost of certain development operations undertaken after closing.
The transaction also involved the formation of an entity to be held jointly by TOTAL, Chesapeake and EnerVest for the purpose of operating midstream assets relating to such oil and gas properties that Chesapeake contributed to such entity at the closing. This entity will also construct and operate other midstream assets to serve such oil and gas properties.
The Fulbright team assisting TOTAL on this transaction included Houston partnersDeborah Gitomer, Craig Vogelsang, Robert Phillpott, Eva Fromm O’Brien and associate Irfan Tukdi, Dallas partners Mark Wasem and Dave Morrison and associate Ben Bosell and Washington D.C. partners Larry Franceski and Dan Wellington.
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