Thompson & Knight Guides Ajax Resources’ $900M Asset Sale

Law360 (August 9, 2018, 5:39 PM EDT) -- Private equity-backed oil and gas company Ajax Resources LLC has tapped Thompson & Knight LLP to assist with the sale of its northern Midland Basin assets to Diamondback Energy Inc. for $900 million in cash and 2.58 million shares of Diamondback common stock, the companies announced Thursday.

Under the terms of the transaction, Houston-based Ajax is selling assets including 25,493 net leasehold acres with current average net production of around 12,000 barrels of oil equivalent per day, along with 367 net identified potential horizontal drilling locations with an average lateral length of more than 9,500 feet, according to a statement. The...

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