Akin Gump Client Diamondback Energy Acquires Mineral Interests in Permian Basin for $440M

Akin Gump Strauss Hauer & Feld LLP advised Diamondback Energy, Inc. in its definitive agreement with IBEX Mineral Resources LLC and Beehive Partners LLC to purchase mineral interests underlying approximately 15,000 gross (12,500 net) acres in Midland County for approximately $440 million, subject to certain adjustments. The proposed transaction is expected to close by the end of September 2013, subject to completion of due diligence and satisfaction of closing conditions. Diamondback intends to finance the acquisition with debt and cash on hand.

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Weil Advises Apache in $3.1 Billion Sale of Egypt Energy Stake to Sinopec

International law firm Weil, Gotshal & Manges is representing Houston-based oil and gas producer Apache Corporation in the sale of a 33 percent stake in its Egyptian oil and gas business to China’s Sinopec International Petroleum Exploration and Production Corporation (Sinopec). Apache’s Egyptian production in 2012 totaled an average of 100,000 barrels of oil and 354 million cubic feet of natural gas per day, while providing employment for about 9,000 people in Egypt, where the company has two decades of industry experience. In announcing the transaction on August 29, 2013, Apache pointed to the Sinopec deal as the first step in a global strategic partnership between the two companies to pursue joint upstream oil and gas projects. The deal is expected to close in Q4.

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Polsinelli Expands International Corporate Practice Presence

Polsinelli welcomes experienced attorney Gemma L. Descoteaux to the firm’s Dallas office as a shareholder where she will concentrate her practice on corporate matters, including acquisitions, divestitures, strategic alliances and joint ventures, technology and outsourcing arrangements and other sophisticated commercial transactions in a wide variety of industries. Prior to joining Polsinelli, Descoteaux worked for several major technology firms, including Texas Instruments.

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Haynes and Boone Advises High Roller Wells in Connection with $239 Million Sale of Oilfield Water Lines LP to NGL Energy Partners LP

Haynes and Boone, LLP advised client High Roller Wells in connection with the just-announced $239.2 million sale by Oilfield Water Lines LP (“OWL”) of its saltwater disposal wells and saltwater hauling business to Tulsa energy transport and propane marketer NGL Energy Partners LP (NYSE:NGL). OWL is a partnership involving High Roller Wells LLC and the Mark Cuban Companies.

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