Porter Hedges Represents White Star Petroleum in $200M Acquisition of Shale Assets from Devon Energy Corporation
Porter Hedges is representing White Star Petroleum, LLC (“White Star”) in its pending acquisition of Mississippi Lime and Woodford Shale assets from Devon Energy Corporation (NYSE: DVN) for $200.0 million. In the same announcement, American Energy – Woodford, LLC announced that, effective March 25, 2016, the company changed its name to White Star Petroleum, LLC. As originally intended, White Star will complete its transition to a standalone company, fully independent of the American Energy Partners, LP platform.
The assets include approximately 210,000 largely contiguous net acres which immediately offset White Star’s acreage in Central Northern Oklahoma. The acreage is primarily located in Payne, Lincoln, Logan and Garfield Counties in Oklahoma, with most of the position held by production. The transaction is subject to customary purchase price adjustments, terms and conditions, and is expected to close in the second quarter of 2016.
White Star Petroleum, LLC, formerly American Energy – Woodford, LLC, is an independent oil and natural gas company focused on the acquisition, development, operation and production of unconventional oil and natural gas properties located in the Mississippi Lime and Woodford Shale plays in central northern Oklahoma.