Kirkland Advises Seller of Package of East Texas Assets Acquired by Diversified Energy for $68 Million

Kirkland & Ellis counseled the seller of natural gas properties in eastern Texas on a purchase and sale agreement with Diversified Energy Co. PLC (LSE:DEC)(NYSE:DEC). Notably, the Assets contain a significant Proved Developed Producing (PDP) component, approximately $68 million, which will be purchased by Diversified. Concurrently, an active third-party development company with operations in the area will purchase an additional amount of undeveloped acreage with a value of approximately $19 million, the majority of which will be purchased by the third-party development company, with Diversified maintaining only a minority 5% interest for $1 million in consideration.

The total purchase price to the seller, inclusive of both the PDP assets and undeveloped acreage is approximately $87 million before customary purchase price adjustments.

Read Diversified's press release

The Kirkland team was led by corporate partner Chris Heasley and associates Jarrod Gamble, Luke Strother and Lyle Paul; and capital markets partner Michael Rigdon.