Matador Resources Company Announces $1.6 Billion Strategic Bolt-on Delaware Basin Acquisition
Vinson & Elkins advised Advance Energy Partners Holdings, LLC (“Advance”) in connection with a definitive agreement with Matador Resources Company (“Matador”) in which Matador will acquire Advance, including certain oil and natural gas producing properties and undeveloped acreage located in Lea County, New Mexico and Ward County, Texas (the “Advance Transaction”).
The consideration for the Advance Transaction will consist of an initial cash payment of $1.6 billion, subject to customary closing adjustments, plus additional cash consideration of $7.5 million for each month during 2023 in which the average oil price as defined in the securities purchase agreement exceeds $85 per barrel. Advance is a portfolio company of EnCap Investments L.P.
The Vinson & Elkins team was led by partner Bryan Loocke, with assistance from senior associate Michael Zarcaro and associates Bradley Oster, Kene Obi, Laura Byrd and Hunter Michielson. Other key team members include partners John Lynch and Todd Way, associates Dan Henderson and Sarah Coe and law clerk Quentin Manuel; partners Mike Marek, Jackson O’Maley and Matt Strock, senior associate David Lassetter and associates Houston Morgan and Drew Clements; partner Becky Baker; partner David D’Alessandro and associates Maddison Riddick and Roxy Barbera; partner Matt Dobbins; and partner Hill Wellford and senior associate Ryan Will.
About Vinson & Elkins
For more than a century, Vinson & Elkins has provided outstanding client service across important industries that drive the global economy. Built on a strong culture of collaboration across 13 offices worldwide, V&E lawyers are committed to excellence, offering clients decades of legal experience in handling transactions, investments, projects and disputes across the globe. Learn more by visiting www.velaw.com or connect with us on LinkedIn.
For more information, please speak with our media contacts.
Key Contacts
Related Insights
- EventRobert B. Rowling HallNovember 14, 2024 - November 15, 2024