In the News

Distressed Finance: Five Oil & Gas Industry Experts Suggest Ways to Get Over the Hump

Some oil and gas producers are being caught off guard by falling oil and gas prices and reserve values as they head into borrowing-base redetermination season this spring. With E&Ps facing a three-headed dragon of low commodity prices, closed financial markets and lender redeterminations, five industry experts suggest ways to get over the hump. >>

Haynes and Boone Participated in Oil and Gas Industry’s Top Deals for 2007

The Haynes and Boone, LLP Energy and Power Practice Group participated in four deals selected by Oil and Gas Investor as winners in the 2007 Oil and Gas Investor Excellence Awards, an annual recognition program which identifies stand-out executives, M&A deals and financings, wildcatting, field rejuvenation, investor relations and corporate citizenship within the oil and gas industry. >>



Bernard F. Clark, Jr.

Partner

Houston


1 Houston Center
1221 McKinney, Suite 2100
Houston, Texas 77010
T +1 713.547.2077
F +1 713.236.5577

Areas of Practice

Education

  • J.D., University of Texas, 1982
  • B.A., University of Texas, 1978

Bar Admissions

  • Texas

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.

Memberships

  • State Bar of Texas (Member, Natural Resources and Environmental Law Sections)
  • Houston Energy Finance Group
  • Fellow Houston and Texas Bar Foundations
  • Independent Producers Association of America, Capital Markets Committee

Online Publications

05/22/2009 - Operator Removal Under the 1989 Form "Joint Operating Agreement" in Texas
In the current difficult economic climate, the number of operators having problems making timely payment to contractors for oilfield services is increasing. Litigation over whether certain exploration and production activities of an operator constitute a violation of the “good and workmanlike” standard has often ended favorably for operators. However, questions related to the financial obligations of an operator are different in recent case law.

The convergence of capital

01/14/2002 - Enron Bankruptcy: Purchasing Assets from Enron and its Subsidiaries and Affiliates
Enron announced in court Friday, January 11, that it had selected UBS Warburg’s bid for its wholesale commodity trading business.  Many details concerning the sale remain to be resolved through the bankruptcy court process. Importantly for Haynes and Boone’s energy clients, there are many other Enron assets remaining on the auction block. 

12/06/2001 - Enron Bankruptcy: Producer's Rights Under Product Purchase Contracts- Royalty Payments

Contracting for Power in a Deregulated Market

12/05/2001 - Enron Bankruptcy: Counter-Party Rights Under Derivative Contracts
The bankruptcy filing by Enron Corp. and several of its subsidiaries, including its principal energy trading subsidiary, creates a number of issues for our clients, including those clients who are in the exploration and production business and who have entered into financial and physical swaps, puts and other derivative contracts with Enron or one of its subsidiaries.


Power Restructuring Experience In California Will Not Occur In Texas