Kirkland Advises Hibernia Resources on Closing of Inaugural $580 Million PDP Asset-Backed Securitization

Kirkland & Ellis advised NGP portfolio company Hibernia Resources IV, LLC, in connection with the closing of its inaugural $580 million asset-backed securitization of PDP upstream oil assets. The issuance represents the first-of-its-kind upstream PDP ABS transaction backed by newly drilled, operated oil wells, anchored by horizontal Dean completions, extending investment-grade capital markets execution beyond the traditional PDP perimeter.

The Kirkland team included an interdisciplinary group of complex securitizations and corporate lawyers including Thomas Prommer, Chad Smith, William Bos, Michael Urschel, Brett Ackerman, Wilson Carneiro, Rizwan Popatia, Daly Brower, Rachel Miller, Omar Haddad; tax lawyers David Gilbert, Jon Nelsen and Karissa Leffingwell; investment funds ERISA lawyers Joe Lifsics and Christine Matott; employee benefits lawyer Caitlin Pyrce; and litigation lawyers Nick Niles and Cori Lable.