Buddy Clark focuses his practice in energy finance, including representation of lenders, private capital providers and energy companies in secured and unsecured credit transactions and equity investments; transactional energy law, including oil and gas exploration, production and development, acquisitions, title and partnerships; independent power projects; and energy related litigation.
Selected Client Representations
- Energy lenders in senior and mezzanine syndicated, club and sole bank facilities ($10 million to $1.4 billion) in connection with secured reserve based oil and gas production loans, including preparation and negotiation of credit facilities, mortgages and related loan documents.
- Representation of capital providers and management teams for exploration and production companies.
- General legal advice to oil and gas companies on various transactional matters including multi-state producing property acquisitions, reserved based and production payment financings, dispute resolution, and operating matters.
- Acquisition of producing properties in Texas, Louisiana, Mississippi, Oklahoma, Alabama, Kansas, W. Virginia, and Gulf of Mexico.
- Workouts and debt restructurings on behalf of energy lenders and borrowers in multi-state secured oil and gas production loans and bankruptcy related oil and gas producing property acquisitions.
- Formerly special counsel to the Executive Director for U.S. Emergency Oil & Gas Loan Guaranty Board.
Professional Recognition
Recognized as one of the Best Lawyers in America
(Woodward/White, Inc.) in Project Finance Law (2008-2010) and Natural Resources Law (2006-2010).
Recognized as a Super Lawyer in Energy & Natural Resources by
Law & Politics and
Texas Monthly (2009)
Selected Representative Experience
$1.5 Billion Secured Acquisition Finance - Oil and Gas Reserves
Represent the lead agent and arranger, in a syndicated secured acquisition financing (master note amount of $1.5 billion) financing the purchase of Michigan, Indiana, and Kentucky assets, secured by oil and gas reserves in multiple states. (M&A Deal of the Year under
Oil and Gas Investor’s Top Deals for 2007)
$200 Million Field Development Line of Credit
Represented the credit provider in field development line of credit financings, aggregating over $200 million, involving net profits interest convertible into overriding royalty interest following repayment of principal.
$400 Million Secured Acquisition Facility - Producing and Undeveloped Gas Fields
Represented a lender in a senior secured syndicated $400 million first lien revolving credit acquisition facility, secured by oil and gas properties in several states. This transaction also involved negotiation of a second lien secured credit facility. Proceeds were used for the acquisition of producing gas fields and undeveloped acreage in Texas, the Texas Gulf Coast, and Louisiana from EXCO Resources., Inc.
$825 Million Equity Investment and Second Lien Financing - Gulf Coast Assets
Represented an investment bank and mezzanine debt holder, in connection with an $825 million equity investment and second lien financing for the purchase of certain Gulf Coast assets. (Financing of the Year under
Oil and Gas Investor’s Top Deals for 2007)
Development Loan - Oil and Gas Exploration
Represented the sole lender in a secured development loan to a publicly held company, for the exploration of oil and gas in various offshore blocks in the Gulf of Mexico. The loan was secured by interests in oil and gas properties both offshore and onshore, the pledge of equity in various affiliates of the borrower, and multiple guaranties by affiliates of the borrower. (Discovery of the Year under
Oil and Gas Investor's Top Deals for 2007)
Field Development Financing - Production Payment Facility
Represented the credit provider in a field development financing through a multiple tranche production payment facility.