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United States : AETHON, REDBIRD takes over SM Energy's ARK-LA-TEX ASSETS
Publish Date : 06-Jul-2015
Aethon Energy Management LLC together with its accomplice, RedBird Capital Partners LLC, said it shut the procurement of few Ark-LA-Tex resources from SM Energy Co.(SM).
The contract, of amount $54 million, was the second exchange of SM's divestiture in the Ark-LA-Tex region of East Texas and northern Louisiana.
The primary exchange shut in June 1 to an undisclosed purchaser for about $270 million.
Altogether, SM sold about $324 million value of advantages.
SM's Ark-LA-Tex resources incorporate around 76,300 net acres of land with existing net creation of 29 million cubic feet proportionate every day (MMcfe/d), 98% of which is gas.
With the end of the obtaining, Aethon, in organization with RedBird, now oversees resources in the Ark-LA-Tex territory delivering around 56 MMcfe/d. Aethon said, the aggregate reserve base is low risk, long life, and money delivering with extensive upside optionality.
RBC Richardson Barr was counsel to SM Energy in the exchanges.
Weil Gotshal & Manges LLP and Ringet & Collier PLC were legitimate counsel to Aethon.
Gardere Wynne Sewell LLP was legitimate advisor to RedBird. RedBird's budgetary counsel was Evercore Partners Inc.
