Deal description: Civitas Resources (NYSE: CIVI) (“CIVI”) today announced the signing of an agreement to purchase Hibernia Energy III, LLC (“Hibernia”) and its Midland Basin assets for $2.25 billion in cash. Hibernia’s assets include approximately 38,000 net acres in Upton and Reagan Counties, Texas – an active and well delineated area in the Midland Basin. First quarter 2023 average production was approximately 41 MBoe/d, of which 56% was oil. CIVI will have an inventory of approximately 450 high-quality locations on a contiguous acreage position in the Midland Basin.
Baker Botts represented Hibernia, an NGP portfolio company, in the transaction.
CIVI’s press release can be found here.
Baker Botts Lawyers/Offices Involved:
Corporate: Jon Platt (Partner, Dallas), Larry Hall (Partner, Dallas), Brittany Dudley (Associate, Dallas), Derek Gabriel (Associate, Dallas), Rusty Shellhorn (Associate, Dallas)
Tax: Stephen Marcus (Partner, Dallas), Matthew Larsen (Partner, Dallas), Jordan Hahn (Senior Associate, Dallas)
Executive Compensation and Benefits: Jason Loden (Partner, Dallas)
Finance: Luke Weedon (Partner, Dallas), Delaram Peimani (Associate, Austin)
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