Baker Botts Represents Citizen Energy in Acquisition of Red Bluff Resources and Bricktown Energy Oil and Gas Properties
Deal Description: Tulsa-based Citizen Energy announced it has closed an acquisition of substantially all of the oil and gas properties of Red Bluff Resources and Bricktown Energy with an April 1, 2022 effective date.
The acquisition will generate a 18% increase in Citizen’s daily production and includes an additional ~13,000 BOEPD (56% liquids), 200 operated wells, and 739 non-op wells. Citizen’s existing ~245,000 net acre position coupled with Sellers ~80,000 net acres will create a dominant Mid-Continent footprint.
Pro forma for the acquisition, Citizen assets will consist of ~86,000 BOEPD, 720+ operated wells, 326,000+ net acres (98% HBP), and a projected next twelve months EBITDAX of ~$750-$800 million. Citizen expects the acquisition to be highly accretive to shareholder returns and set Citizen on a trajectory to become one of the top private producers in the U.S.
Baker Botts represented Citizen Energy.
The company’s press release can be found here.
Baker Botts Lawyers/Offices:
Corporate: Larry Hall (Partner, Dallas), Jim Prince (Partner, Dallas), Trevor LaBarge (Associate, Dallas)
Tax: Matthew Larsen (Partner, Dallas), Stephen Marcus (Partner, Dallas), Jordan Hahn (Senior Associate, Dallas)
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