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Conley Ellen

Ellen M. Conley

Ellen Conley is an associate in the Energy, Power and Natural Resources Practice Group in the Houston office of Haynes and Boone. She handles energy finance matters, as well as the acquisition and disposition of oil and gas properties. She represents lenders and borrowers in secured reserved-base credit facilities, and has experience with a variety of transactions, including ISDA master agreements and schedules and oil and gas purchase and sale agreements.

Professional Recognition

  • Included in the "Ones to Watch" category of Best Lawyers in America, Woodward/White, Inc., 2021-2022
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Selected Client Representations
  • Represented the lender in the negotiation of a $215 million first-lien 7 year term loan backed by long-term hedges and secured with the company’s Mobile Bay assets transferred into separate special purpose subsidiary borrowers.
  • Represented an E&P company in the restructure of its first lien credit facility to a $650 million conforming/non-conforming borrowing base structure in connection with the repayment of the company’s second lien debt. The transaction also included renegotiation of the terms of the company’s unsecured subordinated debt to permit cash interest payments.
  • Represented an independent operator, with oil and gas properties in Billings, McKenzie, and Stark Counties, North Dakota, in a $100 million senior secured revolving credit facility.
  • Represented a private exploration and production company in the $120 million sale of upstream and associated midstream oil and gas assets located in the Marcellus Shale region of Pennsylvania.
  • Represented an Eagle Ford gas gathering company in the documentation of a $75 million senior secured revolving credit facility, secured by all of the gathering company’s gathering and related assets.
Publications and Speaking Engagements
  • “How Secured Lenders Can Maximize Their Recovery Against a Defaulting Borrower,” 16th Annual TJOGEL Symposium, speaker, February 26, 2021.
  • "Midstream Midlife Crisis?" co-presenter, Haynes and Boone webinar, November 12, 2020.
  • "Steps to Maximizing Recovery: What Can An Oil And Gas Financier Do And When Should It Do It?" author, Rocky Mountain Mineral Law Foundation, October 2020.
  • “Execution Against Oil and Gas Assets: What the Financing Party Can Do and When It Can Do It,” presenter, Virtual Special Institute Bankruptcy And Financial Distress In The Oil & Gas Industry: Legal Problems And Solutions October 23, 2020.
  • "Oil Crash Course Series - 2020," co-presenter, Haynes and Boone webinar, October 7, 2020.
  • "Oil and Gas Matters," co-author, State Bar of Texas, March 3, 2020
  • "Security Interests: Oil & Gas," co-author, Thomson Reuters' Practical Law, July 25, 2017.
  • “Volumetric Production Payments in Bankruptcy,” co-author, South Texas Law Review, March 15, 2017.
  • "Quicksilver Rejection Motion Withdrawn; Bar Looks to Magnum Hunter," co-author, Haynes and Boone Oil Patch Bankruptcy blog, April 7, 2016.
  • "Quicksilver 'White-Hot' Issue May Be Placed on the Back Burner," author, Haynes and Boone Oil Patch Bankruptcy blog, April 5, 2016.
  • "Gas Gathering Agreements: The Treatment of GGAs as Executory Contracts in Bankruptcy," presenter, CLE Presentation, April 4, 2016.
  • "Avoiding Bankruptcy Via Distressed Oil And Gas Sales," co-author, Law360 , December 16, 2015
  • "That’s Privileged! Or Is It? Uncovering Lost Privileges and Exceptions in Texas Codes," author, 47 Tex. Tech L. Rev. Online Ed. 1 (2015).


J.D., Texas Tech University School of Law, 2015, summa cum laude; Order of the Coif; Texas Tech Law Review

B.A., English and Spanish, Texas A&M University, 2011, cum laude


Legal Intern to the Honorable Joseph Halbach, 333rd District Court, Harris County, Texas, Summer 2013



An Overview of Volumetric Production Payments (VPPs): The MVP of Alternative Financing Mechanisms?
January 13, 2022

Producers and their capital providers have endured one of the most significant periods of commodity price volatility in recent memory. The narrowing of the pool of oil and gas financing capital providers is a predictable consequence of this financial volatility. Additionally, some lenders and equity investors have shied away from the industry due to ESG concerns. Producers, as prospective borrower [...]