Laredo Petroleum’s $715 Million Acquisition of Midland Basin Assets

Willkie and Akin Gump represented Laredo Petroleum in the transaction while Bracewell LLP advised Sabalo Energy, LLC.

Laredo Petroleum, Inc. (NYSE: LPI) (“Laredo”) entered into two definitive purchase and sale agreements with Sabalo Energy, LLC (and its operating affiliate) and a non-affiliate owner of non-operated interests (collectively, “sellers”) pursuant to which Laredo will acquire all of the sellers’ interests in certain producing and non-producing oil and gas assets located in Howard and Borden Counties, Texas in the Midland Basin for an aggregate purchase price of approximately $715 million ($625 million in cash and 2.5 million shares of Laredo’s common stock), subject to customary purchase price adjustments. The transactions are expected to close July 1, 2021, subject to customary closing conditions.

Laredo is an independent energy company headquartered in Tulsa, Oklahoma that is focused on the acquisition, exploration and development of oil and natural gas properties, primarily in the Permian Basin of West Texas.

The Willkie team advising Laredo was led by partner Michael De Voe Piazza (Picture) and included partners David Aaronson, Jeffrey Hochman and Robert Jacobson, and associates Will Thanheiser, Luke Tanner, Joe Laurel and Yaniv Maman.

The Bracewell team included Molly E. Butkus, Charles H. Still, Jr., Steven J. Lorch, Rebecca L. Baker, Timothy A. Wilkins, Daniel E. Hemli, John L. Stavinoha, III, Kate Barrington McGregor, Jarrod H. Gamble, Caroline E. Ellis, Colleen N. Sitton and Michael A. Recchia.

The Akin Gump team was led by corporate partners David Sweeney, Stephen Boone and Chris Centrich. They were joined by corporate practice co-head John Goodgame and fellow partners William Morris and Eric Muñoz; tax partners Alison Chen and Jocelyn Tau; and corporate counsel Kevin Schott and Paul Monsour, associate Katherine Raymond and senior practice attorney Shane Sullivan.

Involved fees earner: Stephen Boone Jr. – Akin Gump Strauss Hauer & Feld LLP; Christopher Centrich – Akin Gump Strauss Hauer & Feld LLP; Alison Chen – Akin Gump Strauss Hauer & Feld LLP; John Goodgame – Akin Gump Strauss Hauer & Feld LLP; Paul Monsour – Akin Gump Strauss Hauer & Feld LLP; William Morris – Akin Gump Strauss Hauer & Feld LLP; Eric Muñoz – Akin Gump Strauss Hauer & Feld LLP; Katherine Raymond – Akin Gump Strauss Hauer & Feld LLP; Kevin Schott – Akin Gump Strauss Hauer & Feld LLP; Shane Sullivan – Akin Gump Strauss Hauer & Feld LLP; David Sweeney – Akin Gump Strauss Hauer & Feld LLP; Jocelyn Tau – Akin Gump Strauss Hauer & Feld LLP; Rebecca Baker – Bracewell LLP; Kate Barrington McGregor – Bracewell LLP; Molly Butkus – Bracewell LLP; Caroline Ellis – Bracewell LLP; Jarrod Gamble – Bracewell LLP; Daniel Hemli – Bracewell LLP; Steven Lorch – Bracewell LLP; Michael Recchia – Bracewell LLP; Colleen Sitton – Bracewell LLP; John Stavinoha – Bracewell LLP; Charles Still – Bracewell LLP; Timothy Wilkins – Bracewell LLP; David Aaronson – Willkie Farr & Gallagher; Michael De Voe Piazza – Willkie Farr & Gallagher; Jeffrey Hochman – Willkie Farr & Gallagher; Robert Jacobson – Willkie Farr & Gallagher; Joe Laurel – Willkie Farr & Gallagher; Yaniv Maman – Willkie Farr & Gallagher; Will Thanheiser – Willkie Farr & Gallagher;

Law Firms: Akin Gump Strauss Hauer & Feld LLP; Bracewell LLP; Willkie Farr & Gallagher;

Clients: Laredo Petroleum Inc.; Sabalo Energy LLC;

Author: Martina Bellini