Kirkland Counsels Subsidiary on Purchase of EXCO South Texas Oil, Natural Gas Properties
Kirkland & Ellis LLP represented a subsidiary of Venado Oil and Gas, LLC, an affiliate of KKR, on its definitive agreement with EXCO Resources, Inc. (NYSE: XCO) to purchase EXCO’s oil and natural gas properties in South Texas. The purchase price of $300 million is subject to customary closing conditions and adjustments based on an effective date of Jan. 1, 2017. The properties to be divested by EXCO include the company's interests in oil and natural gas properties and surface acreage in Zavala, Frio and Dimmit counties in Texas. These properties produced approximately 4,100 BOE per day (~90% oil) during December 2016 and the company expects the transaction to close in June 2017. The full release is available here.
The Kirkland team was led by corporate partners David Castro and Anthony Speier and associates Christopher Heasley, R.J. Malenfant and Lindsey Jaquillard; environmental transactions partner Jonathan Kidwell and associate James Dolphin; tax partner Polina Liberman and associate Tim Campany; debt finance partner Lucas Spivey and associate Jordan Roberts; employee benefits partner Jeff Quinn; labor and employment partner Ed Holzwanger; and executive compensation partner Michael Krasnovsky.
