Oasis Petroleum North America’s $745 Million Acquisition of Williston Basin Assets

Latham & Watkins advised Diamondback Energy, while McDermott Will & Emery represented Oasis Petroleum in the transaction.

Diamondback Energy entered into a definitive agreement with Oasis Petroleum North America LLC to sell approximately 95,000 net acres in the Williston Basin, which were acquired in the merger with QEP, for a gross purchase price of US$745 million.

In connection with the acquisition, Oasis entered into a commitment letter with J.P. Morgan and Wells Fargo to provide a $500MM bridge facility. Wells Fargo is administrative agent on Oasis’s credit facility.

Oasis (NASDAQ: OAS) is an independent exploration and petroleum company with quality and sustainable long-lived assets in the Bakken and Permian Basins.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback’s activities are primarily focused on the horizontal exploitation of multiple intervals within the Wolfcamp, Spraberry, Clearfork, Bone Spring and Cline formations.

Latham & Watkins advised Diamondback Energy in the transaction with a corporate deal team led by Houston partners Stephen Szalkowski (Picture) and Mike King, with associates Mike Sellner, Tom Hillebrand, Corey Allen, Luke Strother and Matt Cannon, and assistance from Houston partner John Greer. Advice was also provided on tax matters by Houston partner Jim Cole, with associate Marianne Standley; on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum, with associate Kirk Porter; on finance matters by Houston partner Catherine Ozdogan, with associate Brian Flynn; and on antitrust matters by Washington, D.C. partner Jason Cruise and counsel Sydney Smith.

McDermott Will & Emery represented Oasis Petroleum with a team led by Jack Langlois and Jibin Luke and included Sarah Nabors, Alexander Farr, Lesli Esposito, Brian Boyle, Jacob Hollinger, Andrew Kratenstein, Daniel Doron and Allison Wilkerson.

Involved fees earner: Corey Allen – Latham & Watkins; Matthew Cannon – Latham & Watkins; Jim Cole – Latham & Watkins; Jason Cruise – Latham & Watkins; Brian Flynn – Latham & Watkins; John Greer – Latham & Watkins; Thomas Hillebrand – Latham & Watkins; Adam Kestenbaum – Latham & Watkins; Michael King – Latham & Watkins; Catherine Ozdogan – Latham & Watkins; Kirk Porter – Latham & Watkins; Michael Sellner – Latham & Watkins; Sydney Smith – Latham & Watkins; Marianne Standley – Latham & Watkins; Luke Strother – Latham & Watkins; Stephen Szalkowski – Latham & Watkins; Brian Boyle – McDermott Will & Emery; Daniel Doron – McDermott Will & Emery; Lesli Esposito – McDermott Will & Emery; Alex Farr – McDermott Will & Emery; Jacob Hollinger – McDermott Will & Emery; Andrew Kratenstein – McDermott Will & Emery; Jack Langlois – McDermott Will & Emery; Jibin Luke – McDermott Will & Emery; Sarah Nabors – McDermott Will & Emery; Allison Wilkerson – McDermott Will & Emery;

Law Firms: Latham & Watkins; McDermott Will & Emery;

Clients: Diamondback Energy, Inc.; Oasis Petroleum Inc.;

Author: Martina Bellini