Ray Lees focuses on advising oil and gas companies on corporate transactional and commercial matters, with an emphasis on upstream and midstream oil and gas transactions, including mergers, acquisitions, divestitures, joint ventures, finance, and real estate. He has advised clients on some of the oil and gas industry’s largest conventional and unconventional oil and gas acquisition and divestiture transactions, including deals with a combined value of more than $100 billion over the last fifteen years in the Bakken, Barnett, Eagle Ford, Fayetteville, Haynesville, Marcellus, Mississippi Lime, Niobrara, Permian, SCOOP, STACK, Uinta, and Utica plays. He has also counseled clients in equity commitments from private investors and energy financing transactions involving oil and gas and midstream assets across the country.
Ray’s oil and gas experience includes negotiating and drafting purchase and sale agreements, swap agreements, development agreements, limited liability company agreements, transition services agreements, seismic licenses, mineral leases, royalty agreements, net profit interest agreements, marketing agreements, and other agreements and instruments customary in connection with oil & gas joint ventures, acquisitions, and divestitures.
Prior to joining the Porter Hedges, Mr. Lees was the managing partner at the Commercial Law Group, P.C. in Oklahoma City.
Honors & Recognitions
Chambers USA, Leading Lawyer in Energy & Natural Resources (Oklahoma)
The Legal 500, Recommended Lawyer in Oil and Gas Transactions
Best Lawyers in America, Mergers and Acquisitions Law
Oklahoma Super Lawyers
J.D., University of Oklahoma College of Law, 1979
B.A., Southwestern Oklahoma State University, 1976
Ray’s representations have included the following:
Acquisitions and Divestitures
- An exploration and production company in the sale of oil and gas assets in the Upper Devonian, Marcellus and Utica shales for $5.375 billion.
- An exploration and production company in acquiring Permian Basin acreage for $726 million.
- An exploration and production company in its $4.75 billion sale of Fayetteville Shale interests.
- An independent oil and natural gas company in its $1.75 billion acquisition of shale acreage in the Southern Utica and Southern Marcellus plays.
- An independent oil and natural gas company in its $2.5 billion acquisition of shale acreage in the Southern Permian Basin.
- An exploration and production company in its $5.375 billion sale of Southern Marcellus Shale interests and a portion of its Eastern Utica Shale assets in West Virginia and Pennsylvania.
- The midstream subsidiary of an exploration and production company in its $2.16 billion sale of gas-gathering assets in Eagle Ford, Utica, Niobrara, Haynesville, and Marcellus Shale plays.
- An exploration and production company in a $3.4 billion Utica Shale joint venture with an international energy company.
- An exploration and production company in a $2.25 billion Barnett Shale joint venture with an international energy company.
- An exploration and production company in a $3.375 billion Marcellus Shale joint venture with an international energy company.
- An exploration and production company in a $1.9 billion Fayetteville Shale joint venture with an international energy company.
- An exploration and production company in a $2.2 billion Eagle Ford Shale joint venture with an international energy company.
- Firm News, 08.17.2023
- The Legal 500 Ranks Porter Hedges Among the Leading Firms in the Country for Oil & Gas and Construction in 2023Recognition, 06.09.2023
- Recognition, 06.02.2023
- Firm News, 08.18.2022
- Firm News, 08.10.2022
- Firm News, 06.01.2022
- The Houston Business Journal Once Again Names Porter Hedges Among the Largest Energy Firms in HoustonFirm News, 04.15.2022
- Firm News, 02.18.2022
- Recognition, 08.19.2021
- Firm News, 05.20.2021
- Firm News, 02.18.2021
- Recognition, 08.19.2020
- The Legal 500 Ranks Porter Hedges Among the Leading Firms in the Country for Oil & Gas and Construction in 2020Recognition, 06.10.2020
- Recognition, 04.23.2020
- Recognition, 08.15.2019
- The Legal 500 Ranks Porter Hedges Among the Leading Firms in the Country for Oil & Gas and ConstructionRecognition, 06.06.2019
- Recognition, 05.01.2019
- Firm News, 09.04.2018
- Recognition, 08.15.2018
- Firm News, 06.08.2018
- Recognition, 05.04.2018
- Firm News, 08.21.2017
- Recognition, 08.15.2017
- Recognition, 06.02.2017
- Recognition, 05.26.2017
- Porter Hedges Represents Red Mountain Energy and IOG Capital in the Sale of STACK Position to SandRidge EnergyFirm News, 02.28.2017
- Recognition, 09.06.2016
- Recognition, 08.15.2016
- Recognition, 06.17.2016
- Recognition, 05.27.2016
- Porter Hedges Represents White Star Petroleum in $200M Acquisition of Shale Assets from Devon Energy CorporationFirm News, 04.20.2016
- Porter Hedges Represents American Energy-Utica in its $407M Sale of Appalachian Assets to Gulfport Energy CorporationFirm News, 06.10.2015
- Recognition, 06.03.2015
- Recognition, 05.19.2015
- Firm News, 10.22.2014
- Porter Hedges Represents Chesapeake Energy Corp. in the $5.375B Sale of Marcellus and Utica Shale Assets to Southwestern EnergyFirm News, 10.16.2014
- Media Mention, 04.20.2018
- "White Star Petroleum, LLC Announces Acquisitions Of Mid-Continent Assets And Increase Of Borrowing Base," PR NewswireMedia Mention, 05.21.2017
- "White Star Petroleum, LLC Announces Acquisitions of Mid-Continent Assets and Increase of Borrowing Base," White Star Petroleum Press ReleaseMedia Mention, 03.21.2017
- Media Mention, 08.18.2016
- "White Star Petroleum, LLC Closes on Acquisition of Mississippi Lime and Woodford Shale Assets; Announces Completion of Recapitalization Initiatives and Key Executive Appointments," Yahoo FinanceMedia Mention, 07.01.2016
- Media Mention, 04.21.2016
- "Devon Energy to sell northern Oklahoma assets," The OklahomanMedia Mention, 04.21.2016
- Media Mention, 03.25.2016
- Media Mention, 06.10.2015
- Media Mention, 02.06.2015
- "Porter Hedges Expands Energy Practice with New Office in OKC led by Partner C. Ray Lees," BriefcaseMedia Mention, 12.31.2014
- Media Mention, 12.23.2014
- "Porter Hedges Expands Energy Practice," Oil & Gas Financial JournalMedia Mention, 12.17.2014
- Media Mention, 12.11.2014
- Media Mention, 12.03.2014
- Media Mention, 12.01.2014
- Media Mention, 11.25.2014
- Media Mention, 11.19.2014
- Media Mention, 11.13.2014
- Media Mention, 11.12.2014
- "American Energy-Permian Adds $726M in Properties," The Deal PipelineMedia Mention, 10.30.2014
- Media Mention, 10.29.2014
- Media Mention, 10.27.2014
- Media Mention, 10.24.2014
- Media Mention, 10.24.2014
- "Porter Hedges Expands Energy Practice to Oklahoma," Houston ChronicleMedia Mention, 10.23.2014
- Media Mention, 10.23.2014
- Media Mention, 10.22.2014
- Media Mention, 10.22.2014
- Media Mention, 10.20.2014
- Media Mention, 10.16.2014
Oklahoma Bar Association, Member
American Bar Association, Member