Hunton Andrews Kurth LLP issued the following announcement on Aug. 1.
Hunton Andrews Kurth LLP is representing Viper Energy Partners LP (“Viper”) and the Board of Directors of the General Partner of Viper Energy Partners LP in its acquisition of certain mineral and royalty interests across the Midland and Delaware Basins from subsidiaries of Diamondback Energy, Inc. (“Diamondback”). Viper, a limited partnership formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, focuses on oil-weighted basins, primarily the Permian Basin in West Texas. The definitive purchase agreement for the acquisition was executed July 29, 2019. The $700 million drop-down transaction is expected to close in the fourth quarter of 2019 with an effective date of July 1, 2019, and will increase Viper’s production by more than 20%, total acreage by more than 30% and total acreage operated by Diamondback at Viper to roughly 50%.
Corporate partners Mike O’Leary and John Clutterbuck are leading the transaction with assistance from associates Michael Wright and Alex Miron. Partner Harve Truskett and associate Ian Goldberg are handling oil and gas matters. Partner Allison Mantor is handling tax issues, partner Lisa Shelton is handling environmental issues, and counsel Kristina Van Horn and associate Catherine Kordestani are handling HSR matters.
Original source can be found here.