February 5, 2024

Willkie advised Silver Hill Energy Partners, LP on its acquisition of oil and gas assets in the Bakken Formation in North Dakota from Liberty Resources II, LLC.

On January 31, Silver Hill Energy Partners announced that it signed definitive agreements with Liberty Resources II, LLC, a privately held, oil and gas company, to acquire Liberty’s interests in oil and gas properties, rights and related assets in North Dakota and 100% of Liberty Midstream Solutions, LLC, a midstream oil and gas company. The acquisition includes 84,000 net acres and features over 300 gross operated drilling locations. Silver Hill intends to use the transaction as a springboard for future growth in the area through additional bolt-on acquisitions and related investments in upstream, midstream, minerals and royalties. 

Silver Hill plans to fund the acquisition with a combination of equity from Silver Hill Energy Partners III, LP – its third partnership and first institutional private equity fund with $1.02 billion of capital commitments – and another Silver Hill-sponsored partnership, as well as senior bank debt from each partnership’s credit facilities. The acquisition is expected to close March 14, 2024.

Headquartered in Dallas, Silver Hill Energy Partners is a leading private oil and gas company founded in 2011 by Kyle D. Miller to provide a long-term vehicle for profitable energy development across the U.S. Mr. Miller and his team previously assembled what was, at the time, the largest privately held contiguous acreage position in the Delaware Basin of West Texas through multiple operating companies and strategic joint ventures that successfully acquired, developed and ultimately sold large-scale unconventional oil, natural gas and related infrastructure assets.

Liberty Resources II LLC is a Denver-based upstream operator focused on the acquisition and development of oil and gas assets.

The Willkie team was led by partner Sarah McLean and included partner Robert Jacobson and associate Joe Laurel.