Three Firms Work on $376M Permian Basin Deal
For $376.1 million Permian Basin asset sale, Houston-based W&T Offshore handles transaction in-house.
September 01, 2015 at 08:50 PM
2 minute read
Ajax Resources of Houston, represented by Thompson & Knight, and affiliates of Kelso & Co., represented by Kirkland & Ellis and Debevoise & Plimpton, together agreed to buy Permian Basin assets for $376.1 million from W&T Offshore of Houston.
On Sept. 1, Ajax and affiliates of Kelso, a private equity company in New York, announced that they had entered into a definitive agreement with W&T to acquire W&T's interest in the Yellow Rose field in the Permian Basin. The $376.1 million price is subject to closing adjustments. W&T, an independent oil and gas producer, will retain a 1-4 percent sliding scale residual overriding royalty interest in the field.
The transaction is expected to close during the third quarter of 2015, and will be effective as of Jan. 1, 2015.
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