A team of Haynes and Boone, LLP lawyers advised Rise Energy Partners, LP in connection with its sale of interests in various oil and gas producing properties offshore southern California to MEMP for a purchase price of about $271 million.
Dallas, TX (PRWEB) December 13, 2012
A team of Haynes and Boone, LLP lawyers advised Rise Energy Partners, LP in connection with its sale of interests in various oil and gas producing properties offshore southern California to Memorial Production Partners LP (MEMP) for a purchase price of about $271 million. The transaction closed on Dec. 12, 2012.
The properties primarily consist of a 51.75 percent working interest in three Pacific Outer Continental Shelf blocks covering the Beta Field, and are located in federal waters about 11 miles offshore from the Port of Long Beach, Calif. Associated facilities include three conventional wellhead and production processing platforms, a 17.5-mile pipeline and an onshore tankage and metering facility.
The Beta properties were first discovered in 1976 by Royal Dutch Shell PLC and have been in production since January 1981. As of Sept. 30, 2012, the total estimated proved reserves attributable to the Beta properties were about 14.3 MMBbls, based on independent third-party reserve engineering.
The MEMP legal team was led by Partner John Goodgame and Associate Frederick S. Feldman of Akin Gump Strauss Hauer & Feld LLP and Kyle N. Roane, general counsel for MEMP.
About Haynes and Boone
Haynes and Boone, LLP is an international corporate law firm with offices in Texas, New York, California, Washington, D.C., and Mexico City, providing a full spectrum of legal services. With more than 525 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal and has been named a "Top Corporate Law Firm in America" (Corporate Board Member Magazine, 2001-2012).