Kirkland & Ellis LLP represents Sequel Energy Group LLC (an affiliate of GSO Capital Partners) in its commitment agreement with Eclipse Resources Corp. (NYSE:ECR) to establish a proposed drilling joint venture. Eclipse today announced its second quarter 2017 financial and operational results, along with updated guidance for the third quarter of 2017 and full year 2017. Sequel will commit up to $325 million to fund its proportionate share of two drilling programs comprising 34 gross wells in aggregate, commencing with wells currently in progress and extending through wells expected to be commenced through the end 2018. The parties also have a mutual option for an additional third well program of similar size, which would increase the committed funding. Sequel and Eclipse expect to enter into definitive documents by the end of the current quarter. The full release is available here.
The Kirkland team was led by corporate partner Anthony Speier and associate Christopher Heasley, and included corporate partner Jonathan Castelan and associate Lindsey Jaquillard.