Spencer L. Kerr

Representative Matters

Mergers, Acquisitions and Divestitures

In two separate transactions, represented Plains Exploration & Production Co. in a $1.5 billion sale and $1.3 billion sale of producing properties in Colorado, New Mexico, Texas and Utah to Occidental Petroleum Corp.

Represented U.S. subsidiary of Hong Kong based commodities transportation, marketing and trading company in $80 million acquisition of seller's Gulf Coast and Mid-Continent blending, trading, supply, storage, distribution and marketing of refined petroleum products business and approximately $160 million of associated refined product inventory.

Represented seller in $150 million sale of producing and undeveloped acreage in the Fayetteville Shale in Arkansas.

Represented Constellation Energy in $35 million sale of Pinedale Field, Wyoming oil and gas properties to Rosetta Resources Inc.

Represented seller in $60 million drop-down of producing wellbores in the Arkoma basin of Oklahoma to a publicly traded MLP.

Represented Plains Exploration & Production Co. in $578 million acquisition of Eagle Ford Shale oil and gas properties in South Texas from Dan A. Hughes Co.

Represented Constellation Energy in joint venture with a privately held exploration and production company and acquisition of related undeveloped oil and gas acreage in Oklahoma.

Represented Constellation Energy in sale of coalbed methane assets located in Louisiana.

Represented Constellation Energy in sale of 100% of equity interest in entity owning producing oil and gas properties in the San Miguel-Olmos formations and undeveloped acreage in the Eagle Ford Shale in South Texas to Rosetta Resources Inc.

Finance

Represented sole lead arranger, sole book runner and administrative agent in a $360 million secured oil and gas borrowing base facility for a privately held, oil and gas exploration and production company in connection with its acquisition of several entities out of bankruptcy. 

Represented sole lead arranger and administrative agent in a $50 million first lien secured oil and gas borrowing base facility and a $15 million second lien term loan for a privately held oil and gas exploration and production company with properties located in Eastern Kentucky.

Represented sole lead arranger, sole book runner and administrative agent in a $35 million senior secured revolving credit facility for a privately held midstream company with operations in the Uinta Basin of Eastern Utah.

Assisted in the representation of various financial institutions in the purchase of volumetric production payments from an independent exploration company located in Oklahoma.

Miscellaneous Projects

Represent project company in the development and financing of a $650 million 537 KTA propane to propylene petrochemical plant located in Pasadena, Texas.

Represented U.S. subsidiary of Hong Kong based commodities transportation, marketing and trading company in the long term lease of 3,000,000 bbl of crude oil storage in Cushing, Oklahoma in connection with third party construction of twelve new storage tanks.

Represent privately held international trading company doing business in Iraq in connection with its commercial agreements.

Represent Trustee of various publicly traded Royalty Trusts, including the attempted disposition of assets in connection with the dissolution of one such Royalty Trust.