Firm Advises on Liberty Resources II’s $455 Million Acquisition of Bakken Assets

January 30, 2014

Willkie represents Denver-based oil and gas company Liberty Resources II LLC and private equity firm Riverstone Holdings LLC in the acquisition, which includes approximately 53,000 net acres in several counties in North Dakota's Williston Basin.

On January 30, Willkie client Liberty Resources II LLC, a Denver-based oil and gas company, announced that it has entered into an agreement to acquire oil and gas assets in North Dakota's Williston Basin for $455 million. This is the first acquisition by Liberty II since it announced in November 2013 a $350 million equity commitment from funds managed by energy private equity firm Riverstone Holdings LLC and other investors. Willkie represented Liberty II and Riverstone in the deal.

The properties to be acquired comprise approximately 53,000 net acres in Williams, Divide, Burke and McKenzie counties and over 4,000 boe/day of production from the Bakken and Three Forks formations, which Liberty II will continue to target as it furthers the development of the acquired properties.

Riverstone, with approximately $27 billion of equity capital raised, is an energy and power-focused private investment firm. The company conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. In 2013, Willkie advised on the $350 million Riverstone-led investment in Liberty II and on Liberty II’s approximately $680 million asset sale to Kodiak Oil & Gas Corp., and in 2012 represented Riverstone in the $7.15 billion consortium LBO of El Paso Corp.’s exploration and production units.

The current deal was handled by partners Bruce Herzog, Mark Cognetti and Jeffrey Goldfarb, and associate Howard Block.