Vital Energy, Inc. (NYSE: VTLE) announced the signing of three definitive agreements that will materially increase its scale in the Permian Basin. These agreements were signed with affiliates of Henry Energy LP and Henry Resources LLC, Tall City Property Holdings III LLC, and Maple Energy Holdings LLC, with a total consideration of approximately $1.16 billion and are expected to close in the fourth quarter of 2023. The combined transactions will add nearly 53,000 net acres and proved reserves of approximately 248 million barrels of oil equivalent (“BOE”) to Vital Energy Inc.
Jackson Walker served as legal counsel to Henry Energy LP and Henry Resources LLC in the sale of Henry’s Midland and Delaware basin assets to Vital Energy, Inc. in an all-equity transaction consisting of 3.72 million common shares and 4.54 million shares of a perpetual mandatorily convertible preferred securities, net of customary closing price adjustments. The effective date of the acquisition will be August 1, 2023.
The Jackson Walker team was led by Joe Flack, with Michael L. Laussade as securities counsel, and included Michael P. Pearson, Courtney R. Wade, Heather Waters, Graeme Hawkins, Ann M. Leafstedt, Aaron Pinegar, and Brian Dethrow.
For more information about the transaction, view the announcement “Vital Energy to Significantly Increase Permian Basin Scale Through Accretive Transactions”.
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