HOUSTON – Bracewell LLP is representing Freeport-McMoRan Oil & Gas (FM O&G) in its sale of an oil and gas mineral asset package to Black Stone Minerals, L.P. for $102 million. The package includes 1.2 million gross mineral acreage in 20 states, with the majority in Texas, Louisiana, and Arkansas, and estimated average daily production of approximately 850 Boe/d.
The transaction will be funded with cash on-hand and borrowings under Black Stone Minerals’ credit facility.
Closing is expected to be completed by the end of the second quarter of 2016.
FM O&G is a U.S.-based natural resources company which operates large, long-lived, geographically diverse assets with reserves of copper, gold, molybdenum, cobalt, oil and natural gas.
Bracewell attorneys working on the case include:
Partners: Gray H. Muzzy and Heather Palmer
Associates: G. Adam Dempsey