Clay Brett

Partner

Clay Brett

Houston

P: +1.713.229.1166
F: +1.713.229.7966

Private Funds, Corporate & Private Equity

  • Asset manager and investment vehicle matters in connection with closing of equity commitments in main and parallel funds together with associated structuring of blocker entities and alternative investment vehicles.
  • Asset manager matters in connection with formation of portfolio companies backed by sponsor equity lines and associated employment, holding company, carry vehicles and restrictive covenant transactions.
  • General Partner matters in connection with private offering of separately managed accounts for direct energy investments.
  • Sponsor matters in connection with equity line transactions for Powder River midstream portfolio company co-sponsored by York Tactical Energy Fund (“YTEF”) and Yorktown Energy Partners.
  • Adoption and implementation of Principles on Responsible Investment charter with focus on carbon emissions measurement, forecasting and reduction within internal carbon pricing framework.
  • 10+ equity line commitment transactions involving myriad upstream and midstream sponsors and management teams.
  • Multiple closings of equity commitments to limited partnership vehicles of non-operated and mineral platforms.
  • Private fund formation joint venture between mineral platform and upstream sponsor as controlling anchor investor.
  • Private fund formation joint venture between E&P management team and hedge fund as fund-of-one.
  • Private fund formation joint venture between non-op E&P management team and hedge fund as controlling anchor investor.
  • Founder and principal topco agreements in connection with general partner and initial limited partnership formation transactions.

Energy Financings

  • Credit drillco covering 62 wells drilled over three years in Weld County, Colorado, opposite a private resource fund.
  • Senior secured first lien term loan providing back-leverage to credit drillco and amortizing over 2 year term, opposite a regional bank.
  • Conforming reserves-based loan to upstream portfolio company, opposite bulge bracket bank.
  • All ISDA, Credit Support Annex and related work relating to all over-the-counter hedging and derivatives trades of YTEF opposite major investment grade trading houses.

Midstream Energy Transactions

  • Equity joint venture with a Pine Brook portfolio company for the construction and management of Crosstown Midstream, a natural gas gathering system located in Dewey and Custer Counties, Oklahoma.
  • Oversight of portfolio company general counsel with respect to commercial agreements relating to crude oil gathering system construction, interconnects, refinery offtake, storage and related commercial matters.
  • Natural gas gathering, compression and processing transactions opposite multiple public companies on behalf of E&P operating platform in Blaine and Custer Counties, Oklahoma; management and renegotiation of the same.
  • Natural gas and crude oil marketing matters relating to physical forward sales strategies under conforming NAESB and bespoke crude oil marketing agreements.

Upstream Energy Transactions

  • Joint venture and acquisition of wells-in-progress and DUC wells in Blaine County, Oklahoma, opposite a public company.
  • Equity joint venture covering 16 wellbores in Blaine County, Oklahoma, opposite a public company.
  • Management of convertible senior unsecured notes position in Oslo-based and Oslo-traded public company.
  • Equity DUC joint venture covering 6 wells completed in Webb County, Texas, opposite a public company.
  • Sale of upstream assets located in Dewey, Custer and Blaine Counties, Oklahoma.
  • Acquisition of upstream assets and assumption of drillco joint ventures in Custer County, Oklahoma from an EnCap portfolio company.
  • Acquisition of non-operated working interests in Custer and Blaine Counties, Oklahoma from a public company.

Financings & Joint Ventures

  • Preferred equity joint venture between sovereign wealth fund and midstream portfolio company for expansion of heavy oil pipeline system.
  • Post-bankruptcy exit financing and restructuring of upstream midcap portfolio company.
  • Structured equity financing of leasehold acquisition program in Lavaca County, Texas.
  • Volumetric production payment covering Colorado-based tertiary recovery assets on behalf of bulge bracket bank.
  • Pre-IPO structuring of midstream assets in connection with MLP drop-down and subsequent take public transaction.
  • Series C convertible preferred financing of petrochemical trading company in connection with its reorganization under Barbados law.

Energy Transactions

  • Sponsor-led leveraged buyout and recapitalization of private oilfield services firm.
  • Sponsor-led three-way equity joint venture within frack sand logistics industry.
  • Represent a public company in its acquisition of crude oil tanker ships from a Blackstone- and Cerberus-owned portfolio company.
  • Sale of crude oil trucking & logistics business to public company.
  • Acquisition of non-operated working interests and mineral interests from public company on behalf of private resource fund.

Representative experience includes former transactional leadership at investment firm and private legal practice.