Willkie represented Veritas Energy and Carnelian Energy Capital Management in the transaction.
Willkie represented Veritas Energy and Carnelian Energy Capital Management in the sale of substantially all of Veritas’s non-operated Permian Basin assets to Northern Oil and Gas for a cash purchase price of $406.5 million. The assets are primarily located in Lea and Eddy counties, NM, and Loving, Reeves, Ward and Winkler counties, TX.
As part of the transaction, Northern will also issue Veritas ~1.9 million seven-year equity warrants with a strike price of $28.30 at closing.
Veritas, an independent oil and natural gas company based in Fort Worth, Texas, with equity financing from affiliates of Carnelian Energy Capital Management, L.P. and Old Ironsides Energy, LLC and from the Veritas management team, is focused on leasing, developing and operating oil and gas properties, primarily in the Permian Basin.
Carnelian Energy Capital is an energy investment firm based in Houston, Texas. With approximately $1.8 billion of cumulative equity commitments, Carnelian is dedicated to bringing its strategic expertise and nimble approach to partnerships with leading businesses and best-in-class management teams in the North American energy space.
The transaction was led by partners Steven Torello and Michael De Voe Piazza and included partner Jeffrey Hochman and associate Lynn Abell.