The boom is in full swing throughout the shale plays, with businesses buying and selling producing properties at a frantic pace. This environment places an increasing burden on in-house counsel to close their companies’ deals in short order. The legal department for the buyer faces the biggest challenge of all the players in the deal, because those lawyers must determine quickly and with reasonable certainty that the seller’s ownership interest matches up to what’s represented in the sales brochure.
To accomplish this task, purchaser’s counsel must make critical initial judgments as to how to perform due diligence appropriate to the transaction and to the purchaser’s budget. While there are helpful due diligence checklists and supporting materials available from the archives of Rocky Mountain Mineral Law Foundation at www.rmmlf.org, most due diligence lists do not really address the broader issues that come into play in this type of asset acquisition. These are the broader issues that in-house counsel should consider.
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