HOUSTON – Bracewell LLP is representing Parsley Energy, Inc. (NYSE: PE) (Parsley Energy) in an agreement to acquire undeveloped acreage and producing oil and gas properties in the core of the Midland Basin from Double Eagle Energy Permian, LLC (Double Eagle) for an aggregate purchase price of approximately $2.8 billion, subject to purchase price adjustments set forth in the agreement.
Consideration for the agreements entered into consists of approximately $1.4 billion of cash and approximately 39.4 million units of Parsley Energy, LLC (together with a corresponding number of shares of Parsley Energy class B common stock) valued at approximately $1.4 billion. The pending acquisition will add approximately 71,000 net acres to Parsley Energy’s Midland Basin acreage portfolio, bringing its total Permian Basin net acreage to approximately 227,000 acres. The estimated net production of the properties to be acquired is approximately 3,600 BOE per day as of January 1, 2017.
The transaction is scheduled to close on or before April 20, 2017, subject to customary closing conditions.
Parsley Energy is an independent oil and natural gas company focused on the acquisition and development of unconventional oil and natural gas reserves in the Permian Basin in West Texas.
For further details on the deal, please click here.
Bracewell lawyers involved in this transaction include:
Partners: W. James McAnelly III, Charles H. Still Jr., Robert S. Nichols, Scott C. Sanders, Elizabeth L. McGinley, Daniel E. Hemli, D. Kirk Morgan II and Andrew W. Zeve
Associates: Austin T. Lee, Molly E. Butkus, Kate B. McGregor, John L. Stavinoha III, Lucas L. Tanner, Scott B. Thompson and Jonathan L. Seliger