Baker Botts partner Mike Bengtson of Austin had a big year in the shale sector in 2011. A deal the corporate and mergers-and-acquisitions lawyer negotiated for Hunt Oil Co. with Marubeni Corp. that closed on Dec. 28, 2011, was no exception.
On Jan. 6, Marubeni, a Japanese company, announced that Marubeni Eagle Ford Limited Partnership, a U.S. subsidiary, entered into an agreement with Dallas-based Hunt Oil to acquire 35 percent of Hunt’s working interest in an Eagle Ford shale oil and gas play covering about 52,000 acres of oil and gas leases in Texas. The agreement calls for several hundred wells to be drilled over the next five to 10 years, with a total development cost of $1.3 billion, including Marubeni’s acquisition costs, the company wrote in a statement.
