Willkie advised oil and gas exploration company Newpek LLC, a division of Grupo Alfa, in the transaction.
On October 31, 2018, Willkie client Newpek LLC (“Newpek”), a division of Grupo Alfa, along with its joint venture partner, Pioneer Natural Resources Co., announced that they had entered into a purchase and sale agreement with respect to their divestiture of upstream oil and gas assets located in the Sinor Nest Field (Lower Wilcox) in Live Oak County in South Texas.
The transaction was valued at an aggregate price of $164 million. The transaction is anticipated to close in the fourth quarter of 2018 (subject to customary closing conditions). Newpek is an oil and gas exploration and production company with operations in Mexico and the United States. It is a subsidiary of ALFA, a Mexico-based holding company that manages a portfolio of diversified subsidiaries. Pioneer Natural Resources is a large independent exploration and production company, headquartered in Dallas, Texas, with operations in the United States.
The asset divestiture was handled by partners Archie Fallon and Cody Carper and associate Albert Jou.