Attorneys
Houston-based Team Brings Multidisciplinary Approach to Transaction
Chamberlain Hrdlicka’s Houston-based team, led by Jarrod Martin, Jack Najarian and Habeeb ‘Hobbs’ Gnaim, represented Buckhorn Production, LLC (Buckhorn), a privately funded oil & gas production company, in its acquisition of substantially all assets of an independent energy and technology company, located in various counties in East Texas.
Focused on the acquisition and exploitation of mature oil and gas fields, Buckhorn now operates in multiple counties across East Texas and New Mexico Permian. The transaction represents a new basin entry for Buckhorn and was the largest acquisition for the company to date, enhancing its operational portfolio to more than 550 wells, producing 50 million cubic feet of gas per day and more than 2,000 barrels of oil per day.
Chamberlain Hrdlicka’s attorneys Michael Riordan (Bankruptcy and Restructuring,) Marianne Standley (Tax Planning & Business Transactions), Matt Stirneman (Banking/Finance), Greg Henson (Corporate), Jack Li (Corporate) and Will Cowan (Corporate) assisted with the transaction.
“The strategic East Texas acquisition not only strengthens our position as a best-in-class PDP operator but also allows us to tap into preferential gas markets, maximizing our growth potential and delivering value to our shareholders. This acquisition doubles our cashflows and reserves while also increasing our exposure to natural gas,” said Sam Shiverick, CEO and Co-Founder of Buckhorn Production.
The transaction required a multidisciplinary approach from Chamberlain, given the unique and complicated nature of the transaction and the corresponding risks involved. Chamberlain, as a middle market firm, was uniquely qualified to help Buckhorn, given its bench strength in restructuring, tax, finance, M&A and energy.
“We took great pride in assisting Buckhorn with their largest acquisition to date,” said Jack Najarian. “This transaction involved complex legal expertise across various disciplines that is not always easy to find in a middle market law firm. Thanks to our talent and our culture of collaboration, we were able to assist the client with sophisticated expertise at a great speed, which tends to be required in a competitive bidding process. Our firm wishes Buckhorn continued growth and success.”
Martin, shareholder in Chamberlain Hrdlicka’s Houston office, leads Chamberlain’s Bankruptcy, Restructuring and Creditor’s Rights practice group. He has practiced in courts across the country, including time at the U.S. Department of Justice. He represents a variety of clients, including bankruptcy trustees, creditors, and corporate debtors, both in court and out of court.
Gnaim, shareholder in the firm’s Houston office, serves as the head of the Tax Planning & Business Transactions group. He focuses his practice on tax and corporate matters and has significant experience in all aspects of structuring, negotiating, and implementing business acquisitions and dispositions, corporate reorganizations, mergers, conversions, recapitalizations, deferred recognition transactions, admissions of and providing equity incentives for management and key employees, as well as choice of entity considerations, and state tax planning.
Najarian, shareholder in the firm’s Houston office, has been listed the #3 lawyer in Houston by Attorney Intel for the last two years. He is no stranger to the “oil patch,” having started his career in the Permian Basin over a decade ago. In addition to oil and gas transactions, Najarian’s practice focuses on middle market mergers and acquisitions, corporate structuring and real estate.