Haynes and Boone Represents Contango in Acquisition of White Star Assets for $132 Million

10/01/2019

Haynes and Boone, LLP Partner Eli Columbus is leading a team of lawyers and professionals representing Contango Oil & Gas Company, which has entered into an agreement to acquire the assets of White Star Petroleum LLC and certain affiliates as a part of the White Star Chapter 11 bankruptcy 363 sales process.

Per the agreement, announced Sept. 27, Contango will acquire from White Star approximately 15 Mboe/d of production, approximately 20 Mmboe of PDP reserves as of the July 1 effective date, and 315,000 net acres in Oklahoma split into the three operating districts, for a total purchase price of $132.5 million subject to normal and customary closing adjustments. The transaction is expected to close in the fourth quarter of 2019, with the effective date on July 1, 2019.

Columbus is a partner in the Restructuring Practice Group at Haynes and Boone. He is assisted by Haynes and Boone Partners Austin Elam and Matt Ferris; Associate Chris Reagen; and Professional Landman Randy Browne.

Contango Oil & Gas Company is a Houston, Texas-based, independent oil and natural gas company whose business is to maximize production and cash flow from its offshore properties in the shallow waters of the Gulf of Mexico and onshore properties in Texas and Wyoming and to use that cash flow to explore, develop, exploit, increase production from and acquire crude oil and natural gas properties in West Texas, the Texas Gulf Coast and the Rocky Mountain regions of the U.S.

Haynes and Boone, LLP is an international corporate law firm with offices in Texas, New York, California, Charlotte, Chicago, Denver, Washington, D.C., London, Mexico City and Shanghai, providing a full spectrum of legal services in energy, technology, financial services and private equity. With more than 550 lawyers, Haynes and Boone is ranked among the largest U.S.-based firms by The National Law Journal, The American Lawyer and The Lawyer. It also ranks among the nation’s most recommended law firms by general counsel, according to BTI Consulting Group’s “Most Recommended Law Firms 2019” report.

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