Houston office advises Samson Resources II, LLC in its deal to sell its East Texas and North Louisiana Assets to Rockcliff Energy II LLC.
On August 1, it was announced that the board of directors of Willkie client Samson Resources II, LLC approved the sale of the company's assets in East Texas and North Louisiana for a cash purchase price of $525 million subject to customary purchase price adjustments, to an affiliate of Rockcliff Energy II LLC.
The assets consist of approximately 210,000 net acres across East Texas and North Louisiana, producing approximately 90 MMCFe/d of production, net to the company's interest. The sale of the East Texas assets comes after the company acquired substantially all of the assets of Samson Resources Corporation upon its emergence from chapter 11 bankruptcy on March 1, 2017.
The deal is expected to close on September 29, 2017, with an effective date of August 1, 2017. Upon closing, Samson will focus its efforts on developing its oil and gas assets located in the Powder River and the Green River Basins of Wyoming.
Samson is a privately held onshore exploration and production company headquartered in Tulsa, Oklahoma. Rockcliff Energy is a privately held oil and gas company headquartered in Houston, Texas.
The Willkie deal team in Houston was led by partners Michael De Voe Piazza and Cody Carper, and included partners Ana Alfonso, Robert Jacobson and Michael Niebruegge, and associates David Aaronson, Lynn Abell and Yaniv Maman.