NEW ORLEANS — Chaffe & Associates served as exclusive investment banker to Barrow Shaver Resources in the sale of certain oil and gas assets to TexOil Investments as part of the company’s Chapter 11 restructuring, a transaction that closed May 1 and marks a significant outcome for stakeholders.
The assets involved in the sale include oil and gas leases pertaining to operations in East Texas, specifically the Hidden Rock Field, predominantly in Cass County, Texas, as well as other leases in East and West Texas. The transaction was carried out under court supervision, with the Honorable Alfredo R. Pérez presiding over the bankruptcy in the Southern District of Texas.
“We are extremely pleased to have advised Barrow Shaver Resources on this significant transaction. The successful sale represents an outcome that surpassed the expectations of many of the creditors, employees, and stakeholders of Barrow Shaver. This deal underscores the continued value in the Hidden Rock Field and highlights buyer confidence in East Texas oil and gas assets,” said Michael H. Schmidt, President of Chaffe Securities, Inc. and head of the firm’s Corporate Finance Group.
Chaffe Maximizes Value
Taylor Gilbert, Chaffe’s Vice President and deal team lead for the transaction went on to say, “This Chapter 11 presented a complex set of legal and financial challenges that demanded careful consideration at every stage of the case. We are pleased to have delivered a result that maximized value to the Estate. It was equally rewarding to work with the many talented professionals involved, all united by a shared commitment to achieve the best possible outcome for their clients.”
TexOil Investments, LLC, a privately held energy investment firm focused on acquiring and developing conventional oil and gas assets, is expected to enhance production from the acquired assets and integrate them into its portfolio.
Chapter 11 Representation
Barrow Shaver Resources, LLC was represented by Jones Walker LLP as Debtor’s counsel and CR3 Partners served as the Debtor’s Chief Restructuring Officer (CRO). TexOil Investments, LLC was represented by Jones, Allen & Fuquay L.L.P. The Official Committee of Unsecured Creditors was represented by Faegre Drinker Biddle & Reath LLP as counsel and Riveron RTS, LLC as Financial Advisor.
