Kirkland & Ellis LLP counseled Canyon Creek Energy – Arkoma, LLC (CCEA) on its decision to enter into a Joint Development Agreement (JDA) with Pivotal Petroleum Partners II, LP to jointly fund the development of wells on CCEA's acreage in Atoka, Coal, Hughes and Pittsburg Counties, Oklahoma, targeting the stacked pay formations in the expanding Arkoma STACK play. CCEA and Pivotal plan to drill 18 wells in 2018 targeting the Woodford shale and Mayes shale in various locations throughout the Arkoma Basin of Southeastern Oklahoma. Pivotal will fund 75 percent of CCEA’s working interest in all wells covered by the JDA. Once Pivotal achieves a preferred return, the majority of the wellbore working interest and net revenue interest will revert back to CCEA. This new partnership will accelerate CCEA’s drilling activity across the company's 100,000 gross acre operated leasehold position. The full release is available here.
The Kirkland team was led by corporate partners Rahul Vashi and Shubi Arora and associate Lindsey Jaquillard; and tax partner Mark Dundon and associate Joe Tobias.