Roger A. Soape, Inc. has conducted due diligence for transactions totalling billions of dollars in connection with the purchase of producing and non-producing properties. Research for buyers’ due diligence projects include:
Review of the sellers' in-house lease files;
Review of division order files;
Review of title opinion files and contract files;
Analysis of all pertinent provisions of joint operating agreements, most importantly, maintenance of uniform interests, consents to assign and preferential rights to purchase;
Review of unit designations and agreements;
Evaluation of farmout agreements and facility lease agreements;
Examination of the relevant public records to verify interests being purchased and whether such interests are subject to liens, lawsuits, unpaid ad valorem taxes or other encumbrances;
Review of the seller’s well files regarding continuous production, production imbalances, joint interest billing statements, suspended interests, etc.; and
Examination of Easements, Rights of Way and Surface Use Agreements.
Our firm and its personnel and associates are familiar with the confidentiality and time sensitive issues involved in most due diligence projects and work closely with our clients to communicate these issues in order to enable an efficient and timely closing. Post-closing organization of files for purchased assets is also often a function we perform skillfully. Our offices are well-equipped and laid out for this purpose.
Notable among the due diligence projects in which the firm has been involved are:
EnerVest Management Partners, Ltd.'s $750 million purchase of Austin Chalk properties from Anadarko
White Marlin Oil and Gas Company's acquisition via bankruptcy court of Louisiana and Texas properties from Dune Energy, Inc.
Union Pacific Resources' acquisition Amax Oil and Gas Inc. for $819 million
Enserch Exploration’s $340 million acquisition of Dalen Corporation
Purchase by OXY USA of West Texas and California properties from Plains Exploration and Production Co. for $865 million
$1.3 billion acquisition by Marubeni Corp., of deepwater Gulf of Mexico properties from Pioneer Natural Resources Co.
Marubeni Corp.’s $595 million acquisition of deepwater Gulf of Mexico assets from Devon Energy Company
ONEOK Energy Resource Company’s $240 million buy of East Texas assets from Wagner & Brown, Ltd.
Louis Dreyfus Natural Gas Corporation's $90 million acquisition of West Texas properties from American Exploration
Covey Park Energy’s acquisition of 117,826 gross acres and 89,462 net acres of leasehold in the East Texas Basin from Encana Oil and Gas, et al
JGC Energy Development (USA) Inc.'s $67 million purchase of Eagle Ford Shale properties from Tri-Tech Resources
EOG Resources, Inc.'s acquisition of Eagle Ford Shale properties from Yates Energy Corp., et al
Zarvona Energy’s acquisition of Anadarko’s East Texas Austin Chalk properties for $105 million
The firm also conducts seller’s due diligence. This process enables a seller to identify and rectify issues before they are flagged as defects by prospective buyers. We also assist in the file organization and set-up for property sales.
The firm assists private equity firms by performing lease and production records audits of the various E&P companies they fund.
Mr. Craig G. Townsend, Attorney At Law
Adams and Reese, LLP
Mr. William Irons, Vice President
OXY USA, Inc.
Louis J. Davis, Chair, North America Oil & Gas Practice
Baker & McKenzie LLP, Attorneys at Law
David Frye, Vice President, Land and Business Development
Silverback Exploration, LLC
Sherry B. Hodges, VP Land & Business Development
Covey Park Energy, LLC
Richard Ryan, CPL, Landman
EOG Resources, Inc.
Roger A. Soape, Inc. • Energy Land Services • Houston, Texas • 281.440.6347