Debevoise & Plimpton LLP is advising Kelso & Company (“Kelso”) in its acquisition, in partnership with Ajax Resources, LLC (“Ajax”), of W&T Offshore, Inc.’s interest in the Yellow Rose field in the Permian Basin of West Texas for $376.1 million, subject to customary closing adjustments. The transaction is expected to close during the third quarter of 2015.
Ajax is a newly-formed, Houston-based oil and gas company backed by Kelso, established to acquire W&T Offshore, Inc.'s Permian Basin assets. Ajax is well-capitalized with a substantial equity commitment from Kelso. Kelso has a long-term perspective on the assets and has designed a flexible capital structure with substantial dry powder to optimally develop the acreage.
Kelso is one of the oldest and most established firms specializing in private equity. Since 1980, Kelso has raised a total of eight private equity funds, representing $9.8 billion of capital, and has made over 110 investments. Over the last 12 years, Kelso has invested over $2.0 billion in the energy sector. Representative Kelso energy investments include: Venari Resources, Tallgrass Development, Hunt Marcellus, Buckeye Partners, CVR Energy, and Optigas.
The Debevoise team is led by partner Kevin M. Schmidt and includes associates Susan Reagan Gittes and Adam Hankiss.
Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.