News Releases

Baker Botts Represents Hibernia Energy III in $2.25 Billion Midland Basin Sale


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)

Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit

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