Press Release

Kirkland Advises Maverick on $440 Million Purchase of Permian Basin Producing Properties

Kirkland & Ellis counseled Maverick Natural Resources, LLC on its definitive agreement to acquire certain producing properties in the Permian basin from ConocoPhillips for a purchase price of $440 million, subject to customary adjustments. The assets to be acquired produced over 11,000 boepd (50 percent oil) from the Central Basin Platform and Northwest Shelf of the Permian Basin during September of 2021.  The position spans approximately 144,500 net acres across Andrews (TX), Ector (TX), Eddy (NM) and Lea (NM) counties and is largely operated and held by production. The acquisition will be funded by a fully committed $500 million Reserve Based Loan. Subject to the satisfaction of customary closing conditions and funding, the parties expect the transaction to close in the second quarter of 2022.

Read Maverick’s press release

The Kirkland team was led by corporate partner Chris Heasley and associate Alia Heintz, Braxton Smith and Zach Scott; and debt finance partners Mary Kogut and Arthur Lotz and debt finance associates Laura Bielinski and Brittany Taylor.