Post Oak Invests In PIPE Transaction as Part of Approximately $860 Million Earthstone Acquisition

January 31, 2022

Willkie represented Post Oak Energy Capital as investor in the PIPE transaction accompanying Earthstone Energy’s acquisition of Bighorn Permian Resources’ assets.

On January 31, Earthstone Energy, Inc. announced that it entered into an agreement to acquire the assets of privately held Bighorn Permian Resources, LLC, for approximately $860 million and that the acquisition is funded in part with proceeds of $280 million in private placement of equity.

The two PIPE investors are funds managed by Willkie client Post Oak Energy Capital, LP, and affiliates of EnCap Investments LP, a current beneficial owner of approximately 47% of Earthstone's total Class A and Class B common stock.

Post Oak is a Houston-based private equity firm primarily focused on making domestic investments in the upstream, midstream and oilfield services sectors of the energy industry.

The Willkie team was led by partners Michael De Voe Piazza and Jesse Myers and included partner Julian Golay and associates Ryan McNamara and Alison Roach.