HOUSTON – Bracewell LLP is advising Sabalo Energy, LLC, a portfolio company of EnCap Investments L.P., in the sale of Sabalo’s Midland Basin assets to Laredo Petroleum, Inc. (NYSE: LPI). The transaction includes 21,000 contiguous net acres (86 percent operated, 100 percent held by production). Sabalo and a non-operating partner will receive a combined $625 million in cash and approximately 2.5 million shares of Laredo common equity, with a total transaction value of approximately $715 million.
The transaction is subject to customary closing price adjustments and is scheduled to close on July 1, 2021.
Bracewell lawyers involved in this transaction include:
Partners: Molly E. Butkus, Charles H. Still, Jr., Steven J. Lorch, Timothy A. Wilkins and Daniel E. Hemli
Associates: John L. Stavinoha, III, Kate Barrington McGregor and Caroline E. Ellis