Canyon Creek Energy’ Joint Development Drilling Program In Arkoma Stack With Pivotal Petroleum Partners


Kirkland & Ellis, LLP acted as legal advisor for CCEA. Thompson & Knight, LLP (“T&K”) acted as legal advisor for Pivotal.

Canyon Creek Energy – Arkoma, LLC (“CCEA”) announced today that it has entered into a Joint Development Agreement (“JDA”) with Pivotal Petroleum Partners II, LP (“Pivotal”) to jointly fund the development of wells on CCEA’s acreage in Atoka, Coal, Hughes and Pittsburg Counties, Oklahoma, targeting the stacked pay formations in the expanding Arkoma STACK play.

CCEA and Pivotal plan to drill 18 wells in 2018 targeting the Woodford shale and Mayes shale in various locations throughout the Arkoma Basin of Southeastern Oklahoma. Pivotal will fund 75% of CCEA’s working interest in all wells covered by the JDA. Once Pivotal achieves a preferred return, the majority of the wellbore working interest and net revenue interest will revert back to CCEA. This new partnership will accelerate CCEA’s drilling activity across the company’s 100,000 gross acre operated leasehold position.

Canyon Creek Energy – Arkoma, LLC is a Tulsa, Oklahoma-based oil and natural gas company primarily focused on exploiting natural resources in Oklahoma. CCEA is managed by an affiliate Canyon Creek Energy Operating, LLC, which is led by President and CEO, Luke Essman; Vice-President and Chief Financial Officer, James R. McCoy; Vice-President of Geology, Jennifer Kessler; Vice-President of Engineering, C. Daniel Jacobs; and Vice-President of Land, Stephen McNamara, Jr.

Pivotal is a Dallas, Texas-based oil and natural gas company focused exclusively on acquiring non-operated working interests in oil and liquids-rich basins.

The Kirkland team was led by corporate partners Rahul Vashi (Picture) and Shubi Arora and associate Lindsey Jaquillard; and tax partner Mark Dundon and associate Joe Tobias.

The Thompson & Knight team was led by oil and gas partner Robert Dougherty and associate Kelli Sims, and tax partner Brandon Bloom and associate Jana Wight.

Involved fees earner: Robert Dougherty III – Thompson Knight LLP; Kelli Sims – Thompson Knight LLP; Brandon Bloom – Thompson Knight LLP; Jana Benson Wight – Thompson Knight LLP; Rahul Vashi – Kirkland & Ellis; Shubi Arora – Kirkland & Ellis; Lindsey Jaquillard – Kirkland & Ellis; Joe Tobias – Kirkland & Ellis; Mark Dundon – Kirkland & Ellis;

Law Firms: Thompson Knight LLP; Kirkland & Ellis;

Clients: Canyon Creek Energy – Arkoma, LLC; Pivotal Petroleum Partners LP;

Print Friendly, PDF & Email
Avatar

Author: Ambrogio Visconti