Carrizo Oil & Gas, Inc.’s $215 Million Acquisition of Devon Energy Corporation’s Delaware Basin Properties


Baker Botts advised Carrizo Oil & Gas, Inc. on the deal

August 14, 2018 – Carrizo Oil & Gas, Inc. (Nasdaq:CRZO) (“Carrizo”) announced that it has agreed to acquire Delaware Basin properties from Devon Energy Corporation (“Devon”) for $215 million in cash, subject to customary closing adjustments.

The acquisition is currently expected to close during the fourth quarter of 2018 and increases Carrizo’s acreage position in the Delaware Basin to approximately 46,000 net acres on a pro forma basis.

Carrizo Oil & Gas, Inc. explores for and produces natural gas and crude oil. The Company, led by Sylvester P Johnson IV, David L Pitts and J Bradley Fisher, develops and exploits onshore properties. In 2017, Carrizo Oil & Gas, Inc. recorded $753 Million Revenues.

Baker Botts L.L.P. represented Carrizo in the acquisition with a team includin Gene Oshman (Picture, Partner, Houston); Luke Burns (Associate, Houston); Justin Clune (Associate, Houston); Jon Lobb (Partner, Houston); Matthew Larsen (Partner, Houston); Jordan Hahn (Associate, Houston)

Vinson & Elkins advised Devon Energy Corp. with a team including John B. Connally, Joclynn Townsend, Erin Mitchell, Todd Way, Julia Pashin, Larry Nettles, Ramey Layne and Crosby Scofield.

Involved fees earner: John Connally – Vinson & Elkins LLP; Joclynn Townsend – Vinson & Elkins LLP; Erin Mitchell – Vinson & Elkins LLP; Todd Way – Vinson & Elkins LLP; Julia Pashin – Vinson & Elkins LLP; Larry Nettles – Vinson & Elkins LLP; Ramey Layne – Vinson & Elkins LLP; Crosby Scofield – Vinson & Elkins LLP; Gene Oshman – Baker Botts; Luke Burns – Baker Botts; Justin Clune – Baker Botts; Jon Lobb – Baker Botts; Matthew Larsen – Baker Botts; Jordan Hahn – Baker Botts;

Law Firms: Vinson & Elkins LLP; Baker Botts;

Clients: Carrizo oil & gas, Inc.; Devon Energy Corporation;

Author: Ambrogio Visconti