Porter Hedges Advises PureWest on $365 Million Asset-Backed Securitization
Porter Hedges advised PureWest Energy, LLC (“PureWest”), the leading natural gas producer in Wyoming, on a $365 million asset-backed securitization. The offering was comprised of a combination of $210 million of 144A Class A1 Notes and $155 million of Class A2 Notes offered and sold as a 4(a)(2) private placement.
This is the second upstream energy securitization PureWest has completed in the last year with Porter Hedges as oil and gas counsel. The securitization follows PureWest’s initial $600 million securitization in November 2021, with the assets collateralized representing PureWest’s retained interest in the same 1,800+ wells included in the initial securitized financing.
PureWest Energy, LLC is a private energy company focused on developing its long-life gas reserves in Wyoming's Green River Basin where the Company controls more than 126,000 gross (115,000 net) acres in and around the prolific Pinedale and Jonah Fields. PureWest is focused on achieving ever-higher ESG performance as part of its commitment to stakeholders.