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Baker Botts Represents Peak 10 in Acquisition of Strawn Petroleum


Deal Description: Peak 10 Energy Holdings (“Peak 10”) today announced a transaction with Strawn Petroleum Holdings, LLC, an affiliate of funds managed by Oaktree Capital Management, L.P. (“Oaktree”), which will contribute the equity of Strawn Petroleum, LP (“Strawn”) and certain affiliates in exchange for the issuance of certain shares of Peak 10.

Strawn’s assets are in the Midland Basin’s Eastern Shelf, adjacent to Peak 10’s existing asset position in the Hermleigh Field. The operational synergies associated with this acquisition enhance the value of Peak 10’s oil and gas investment platform, which focuses on creating value by acquiring long-life oil and gas assets throughout the continental United States.

Strawn currently produces ~800 barrels of oil equivalent per day, the majority of which is operated, and holds an acreage position of over 13,000 net acres. Browning Oil Company Incorporated, the current operator of Peak 10’s existing Hermleigh Field position, will serve as the contract operator on behalf of Peak 10.

Baker Botts served as legal advisor to Peak 10 and financial sponsor Legacy Star.

Peak 10’s press release can be found here.

Baker Botts Lawyers/Offices Involved:

Corporate: Clay Brett (Partner, Houston), Sarah Dodson (Partner, Dallas), Caitlin Lawrence (Partner, Houston), Michael Donnellan (Associate, Houston), Talha Chaudry (Associate, Houston), Cade Luedde (Associate, Houston)

Global Projects: Erin Hopkins (Partner, Houston), Kyle Doherty (Senior Associate, Houston), Megan Young (Associate, Houston), Andrew Crayden (Associate, Houston)

Tax: Jon Lobb (Partner, Houston), Jordan Hahn (Senior Associate, Dallas)

Environmental: Elizabeth Singleton (Special Counsel, Houston)

Finance: Delaram Peimani (Senior Associate, Austin), Dermot Bree (Associate, Houston)

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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