Andrews Kurth Kenyon represented Torrent Oil of Houston in its recent acquisition of upstream Gulf Coast oil and gas assets in a Section 363 sale in Linc Energy’s Chapter 11. That deal, while relatively small but key for the young Torrent, is an example of a transaction that is keeping some Texas firms busy as energy companies cope with stubbornly low commodity prices and overleveraged balance sheets.
Distressed-asset purchases like Torrent Oil’s $37.5 million acquisition is providing work for firms in Texas with energy practices and expertise in the bankruptcy/restructuring area, as more and more energy companies sell off assets to raise cash or sell assets through bankruptcy.
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