Akin Gump Advises Diamondback Energy in Joint Venture with The Carlyle Group
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(Houston) – Global alternative asset manager The Carlyle Group L.P. and Diamondback Energy, Inc. have entered into an agreement to fund the development of Diamondback’s oil and gas assets in the San Pedro area of Pecos County, Texas, within the Southern Delaware basin. Akin Gump advised Diamondback in the matter.
As part of the joint venture, Carlyle Energy Mezzanine Opportunities Fund II L.P. will fund up to 85 percent for the development program over five years. After certain performance hurdles are achieved in the program, Carlyle’s working interests will largely revert to Diamondback.
The Akin Gump team included oil and gas partners Michael Byrd and David Sweeney and counsel Stephen M. Boone Jr.; corporate partners Seth Molay and Alan Laves, counsel Rachel Evans and associate Meagan Lanier; and tax partners Alison Chen and Jocelyn Tau.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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