Houston – Attorneys with the law firm of Thompson & Knight LLP advised Warren Resources, Inc. (“Warren”) in the execution of a purchase and sale agreement to acquire essentially all of the Marcellus assets of Citrus Energy Corporation (“Citrus”) and two additional working interest owners for $352.5 million. In order to finance the transaction, Thompson & Knight advised Warren on a $300 million private notes offering. The company used the net proceeds to fund a portion of the approximately $312.5 million cash purchase price for this acquisition, which provides Warren with a substantial new basin platform in the prolific Marcellus Shale and adds a new core area to its existing California oil and Wyoming natural gas assets.
Partners Alan P. Baden and Hunter H. White led a team of Thompson & Knight attorneys, including Partners Roger D. Aksamit, Jessica Hammons, Richard B. Hemingway, Jr., Jason Patrick Loden, Jeremiah M. Mayfield, James C. Morriss III, Robert H. Saunders, Elizabeth A. Schartz, Christopher D. Smith, and Shelly A. Youree, and Associates David W. Cias, Courtney T. Jamison, Ashley J. Nguyen, and Kelli C. Sims.
“This acquisition provides Warren with scale and diversification into a new core basin,” said Alan Baden, a Partner in the Firm’s Corporate and Securities Practice Group. “The timetable for this transaction was aggressive, but the Thompson & Knight team stepped up to the challenge to accommodate Warren’s business needs. This served as a great opportunity to showcase our industry and legal expertise by counseling Warren through legal and business nuances, including navigating oil and gas, corporate and securities, tax, employment, and environmental matters, to facilitate the company’s goal of expanding its position into a key market.”
Warren Resources, Inc. is an independent energy company engaged in the acquisition, exploration, development, and production of domestic oil and natural gas reserves. Warren’s activities are primarily focused on oil in the Wilmington field in the Los Angeles Basin and the Leroy Pine Project in the Santa Maria Basin, both in California, and natural gas in the Washakie Basin in Wyoming and Marcellus Shale in Pennsylvania.