White Star To Acquire $200M in Shale Assets From Devon Energy
News Article Sponsored by Shale Gas Intl
White Star Petroleum, formerly American Energy-Woodford, is an independent oil and natural gas company focused on the acquisition, development, operation and production of unconventional oil and natural gas properties located in the Mississippi Lime and Woodford Shale plays in central northern Oklahoma. Devon Energy, which is based in Oklahoma City, has operations in three different Texas locations: the Delaware Basin, the Barnett Shale and the Eagle Ford Shale.
The assets include approximately 210,000 largely contiguous net acres. The acreage is primarily located in Payne, Lincoln, Logan and Garfield Counties in Oklahoma, with most of the position held by production. Net production from the acquired assets in the first quarter of 2016 averaged 12,800 barrels of oil equivalent (BOE) per day from approximately 555 operated and nonoperated Mississippi Lime and Woodford Shale horizontal wells. The transaction is subject to customary purchase price adjustments, terms and conditions, and is expected to close in the second quarter of 2016.
The Porter Hedges team was led by partner Ray Lees in Oklahoma City and partner Jeremy Mouton in Houston with assistance from Houston associates Scott Muehlberger and Matt Savage, and Oklahoma City associates Maggie Phipps and David Gannaway. Lees declined to discuss the transaction.
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