Bracewell Represents Plains Exploration in Acquisition of Gulf of Mexico Interests from Shell
Bracewell & Giuliani LLP is representing Plains Exploration & Production Company in its agreement to acquire from Shell Offshore Inc. its 50 percent working interest in the Holstein Field for $560 million.
The Holstein Field is located in the Gulf of Mexico, approximately 150 miles south of New Orleans. The properties being acquired produce an estimated 7,400 barrels of oil equivalent net per day, of which nearly 86 percent is oil and natural gas liquids.
The transaction is to be effective as of October 1, 2012 and is expected to close by year-end 2012.