Press Release

Haynes Boone Advises Diversified Energy on $410 Million Acquisition of Natural Gas Assets

March 21, 2024
Haynes and Boone, LLP advised Diversified Energy Co. PLC (“DEC”) on its $410 million acquisition of oil and natural gas assets from Oaktree Capital Management, L.P.

Under the agreement, DEC will purchase interests in natural gas wells located in the central region of the U.S. The strategic move will add approximately 510 billion cubic feet equivalent (Bcfe) of proved developed producing (PDP) reserves to its portfolio. The acquisition also includes favorable hedging contracts, providing protection against market volatility and enhancing DEC's long-term cash flow prospects.

Jeremy Kennedy, a partner in Haynes Boone’s Energy, Power and Natural Resources Practice Group, led the deal team with support from Partner Brandon Jones and Associates John Craven, Reem Abdelrazik and Farhad Tahir.

“We are proud to have advised Diversified Energy on this acquisition, which significantly expands their natural gas reserves and strengthens their position in the U.S. market,” Kennedy said. “Our team's experience navigating oil and gas transactions ensured a smooth process and secured a strategically valuable asset for DEC.”

The transaction is also subject to customary regulatory approvals and is expected to close in the second quarter of 2024.

Haynes Boone’s M&A Practice Group has comprehensive experience handling major transactions, having helped clients close more than 500 deals in the last five years, with an aggregate value exceeding $48 billion. The firm’s Oil and Gas Practice Group represents domestic and foreign public and private companies that conduct operations both internally and across the United States in the domestic resource plays and shale plays (including the Midland and Delaware Basins, Barnett, Haynesville, Wolfberry, Marcellus, Utica, Niobrara, Woodford, and Bakken/Three Forks). The firm routinely represents private equity firms, closely held corporations, founders, large financial institutions and Fortune 500 public companies.

About Haynes Boone
Founded in 1970, Haynes and Boone, LLP provides a full spectrum of legal services across multiple sectors, including energy, financial services, private equity, and technology. The firm’s nearly 700 lawyers practice across 19 global offices in California, Colorado, Illinois, New York, North Carolina, Texas, Virginia, and Washington D.C., as well as London, Mexico City, and Shanghai. Haynes Boone was recognized in the 2022 BTI Consulting Group’s A-Team report, which identified firms commended by in-house counsel for superior client service and was ranked 21st in The American Lawyer’s 2023 Diversity Scorecard, which evaluated 228 participating firms by the diversity of their attorney populations. For more information, visit
Media Contacts