A team of Haynes and Boone, LLP lawyers advised Rise Energy Partners, LP in connection with its sale of interests in various oil and gas producing properties offshore southern California to Memorial Production Partners LP (MEMP) for a purchase price of about $271 million. The transaction closed on Dec. 12, 2012.
The Haynes and Boone team included partners Janice V. Sharry, Richard Fijolek and Bruce Newsome. Associate Isaac Haas also assisted.
The properties primarily consist of a 51.75 percent working interest in three Pacific Outer Continental Shelf blocks covering the Beta Field, and are located in federal waters about 11 miles offshore from the Port of Long Beach, Calif. Associated facilities include three conventional wellhead and production processing platforms, a 17.5-mile pipeline and an onshore tankage and metering facility.
The Beta properties were first discovered in 1976 by Royal Dutch Shell PLC and have been in production since January 1981. As of Sept. 30, 2012, the total estimated proved reserves attributable to the Beta properties were about 14.3 MMBbls, based on independent third-party reserve engineering.
The MEMP legal team was led by Partner John Goodgame and Associate Frederick S. Feldman of Akin Gump Strauss Hauer & Feld LLP and Kyle N. Roane, general counsel for MEMP.
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