Haynes Boone Represents Chesapeake Energy in Closing of $700M Sale of Oil and Gas Assets to SilverBow Resources

December, 2023 - Texas

Haynes and Boone, LLP advised Chesapeake Energy in connection with the closing of the divesture of its remaining Eagle Ford oil and gas assets to SilverBow Resources, Inc. for $700 million. Followingtwo separate $1.4 billionsalesearlier this year, the total proceeds of Chesapeake’s Eagle Ford exit now exceed $3.5 billion.

Thesale was announcedby Chesapeake on Aug. 14 and closed on Nov. 30. It includes 42,000 net acres and approximately 540 wells and other equipment in Dimmit and Webb Counties in Texas.

Chesapeake was paid $650 million upon closing, subject to customary adjustments, with a $50 million deferred payment and the possibility of up to an additional $50 million contingent payment based on commodity prices to be paid one year later.

The Haynes Boone deal team was led by PartnerJeremy Kennedyand AssociateJohn Craven. AssociatesWill JohnsonandBradley Pottsand PartnersBrandon Jones(tax),Stephen Grant(capital markets issues), andMichael Lombardino(employment) also assisted.

Haynes Boone’sOil and Gas Practice Grouprepresents 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).

Haynes Boone’sM&A Practice Grouphas comprehensive experience handling middle-market deals, having helped clients close more than 500 transactions in the last five years, with an aggregate value exceeding $48 billion. The firm routinely represents private equity firms, closely held corporations, founders, large financial institutions and Fortune 500 public companies.