Richard Black, senior vice president and general counsel of Fieldwood Energy LLC , turned to Thompson & Knight for the Houston company’s pending acquisition of Gulf of Mexico and Gulf Coast assets from SandRidge Energy for $750 million in cash.
SandRidge, an oil and gas company based in Oklahoma City, used Vinson & Elkins.
On Jan. 7, the companies announced that Fieldwood Energy, a Riverstone Holdings portfolio company, would buy the assets. The transaction is expected to close during the first quarter, pending customary closing conditions, and would be effective as of Dec. 1, 2013. Terms of the transaction call for Fieldwood to assume $370 million of abandonment liabilities. SandRidge will retain a 2 percent overriding royalty interest in certain exploration prospects.
The Thompson & Knight lawyers for Fieldwood include partners Timothy Samson and Andrew Flint, both of Houston; R. David Wheat of Dallas; and James C. Morriss III of Austin and Houston; associates Lucas LaVoy of Houston and Andrew Wootton of Dallas; and counsel Ashley Phillips of Austin.
On the in-house side at Fieldwood, Tommy Lamme, assistant general counsel, is working on the deal.
The V&E team for SandRidge was led by energy transactions/projects partner Douglas Bland and associate Elizabeth Radack, both of Houston, with assistance from tax partners Thomas Crichton of Dallas and Todd Way of Houston. Houston associates Tan Lu, Daniel Hatch and Christopher Boling are also on the team.