Porter Hedges represented affiliates of American Energy Partners, LP (AELP) in the acquisition of shale acreage in the Marcellus, Utica and Permian Basin in three separate transactions with a combined acquisition price of $4.25 billion.
American Energy – Permian Basin, LLC (AEPB), an affiliate of AELP, signed an agreement to acquire approximately 63,000 net acres of leasehold in the southern Permian Basin, primarily in Reagan and Irion Counties, Texas from affiliates of Denver-based Enduring Resources, LLC (Enduring) for $2.5 billion. At closing, the properties are expected to have net production of approximately 16,000 barrels of oil equivalent per day.
The Enduring transaction marks AEPB’s entry into the Permian Basin and the company intends to increase its position in the Permian through additional acquisitions over time.
The Porter Hedges team was led by partner Jeremy Mouton with assistance from Corey Brown, Mac Marshall, Deborah Ko, and Brian Rose.
American Energy – Utica, LLC (AEU), an affiliate of AELP, signed an agreement to acquire approximately 27,000 net acres of leasehold in Monroe County, Ohio, from East Resources, Inc. and an unnamed private company. At closing, the properties are expected to have net production of approximately 40 million cubic feet of natural gas equivalent per day.
In addition, American Energy – Marcellus, LLC (AEM), announced that it has signed an agreement to acquire approximately 48,000 net acres of leasehold in Doddridge, Harrison, Marion, Tyler and Wetzel Counties, West Virginia, also from East Resources, Inc. and an unnamed private company. At closing, the properties are expected to have net production of approximately 135 million cubic feet of natural gas equivalent per day.
The combined acquisition price of the transactions is $1.75 billion. The Utica acquisition marks AEU’s seventh major acquisition in the southern Utica Shale play, and the Marcellus acquisition marks AEM’s entry into the southern Marcellus Shale play.
The Porter Hedges team was led by partner Jeremy Mouton with assistance from Mac Marshall, Deborah Ko, and Denny Ng.
