Kalnin Ventures to Acquire Barnett Shale Assets for $770 Million

December 18, 2019

Willkie represented Kalnin investment vehicle BKV in the acquisition of Barnett Shale assets from Devon Energy, making BKV the largest natural gas producer in the Barnett Shale.

On December 17, Kalnin Ventures LLC announced that an affiliate of its investment vehicle BKV Oil & Gas Capital Partners, L.P. (BKV) entered into a $770 million purchase and sale agreement to acquire all of Devon Energy Corp.’s (NYSE: DVN) remaining assets in the Barnett Shale in connection with Devon Energy’s exit from the play. The transaction is expected to close in the second quarter of 2020, subject to customary closing conditions.

The acquisition includes over 320,000 gross acres and 4,200 producing wells, making BKV the largest natural gas producer in the Barnett Shale. This acquisition marks BKV’s seventh major transaction and first position in the Barnett Shale play. BKV has invested or committed over $1.3 billion since its formation in 2015. BKV is backed by significant equity commitments from Banpu Pcl, listed on the Stock Exchange of Thailand and focused on development and investment in coal, power generation, natural gas and alternative energy in Thailand, Indonesia, China, Australia, Lao PDR, Mongolia, Singapore, Japan and the United States.

Based in Oklahoma City and included in the S&P 500, Devon Energy is a leading independent energy company engaged in finding and producing oil and natural gas.

The Willkie team was led by partner Michael De Voe Piazza and associates David Aaronson, Adam Whitehouse and Albert Jou.