Attorneys with the law firm of Thompson & Knight LLP represented Durango, CO-based Saddle Butte Pipeline LLC in the company’s recent sale of its crude oil pipeline and terminal and natural gas pipeline and processing systems in the Bakken Shale region of North Dakota to Targa Resources Partners LP of Houston.
Arthur J. Wright, with the assistance of Melissa Persons, led the Thompson & Knight team on behalf of Saddle Butte, together with the company’s vice president and general counsel, Greg Ward. Other Thompson & Knight attorneys supporting the transaction included R. David Wheat, Jeffrey A. Zlotky, and Cole Bredthauer. The transaction, announced on November 15, 2012, is awaiting regulatory approval and is expected to close before year-end.
Under the terms of the agreement, Saddle Butte will sell company assets that include approximately 155 miles of crude oil pipelines in the Williston Basin, as well as its Johnsons Corner Terminal and Alexander Terminal. This infrastructure has a combined crude oil storage capacity of 70,000 barrels. The sale also included 95 miles of natural gas gathering pipelines and a gas processing plant, which is currently being expanded.
“The Bakken is one of the most active oil-producing regions in the nation, and consequently its holdings are attracting a great deal of interest in the transactions marketplace,” says Mr. Wright, a partner in the firm’s Dallas office and Oil and Gas Practice leader. “This sale is the latest example of Thompson & Knight’s work in the area, and we were pleased to assist in this important matter.”
* * *
Thompson & Knight LLP has announced that partner Ricky A. Raven has been named one of only 17 “2012 Law Firm Rainmakers” from across the U.S. by Diversity & the Bar, a publication of the Minority Corporate Counsel Association (“MCCA”). Thompson & Knight is proud to be one of three firms nationwide to have had partners named to this prestigious list for the past two years.
Mr. Raven is a partner in the Trial Practice Group of Thompson & Knight’s Houston office. He has been practicing in Houston for more than 25 years and has extensive experience in the resolution of complex litigation involving multiple plaintiffs and defendants as well as in handling single-party disputes. He has first-chaired more than 100 jury trials to verdict. Raven has been named to The Best Lawyers in America® by Woodward White/Inc. and Texas Super Lawyers® by Thomson Reuters for multiple years. He also received the Dr. Marguerite Ross Barnett Alumni Achievement Award from the University of Houston African American Studies Program in 2012.
Mr. Raven is actively involved in numerous professional and civic organizations, including serving on the Executive Council for The Houston Forum and on the Board of Directors for the University of Texas Health Science Center, Ronald McDonald House of Houston, Houston Symphony Orchestra, University of Houston Alumni Association, CSTEM, South Central YMCA, Zina Garrison Academy, Yellowstone Academy, and the Houston Zoo.
* * *
Thompson & Knight attorneys represented Dallas-based Cardinal Midstream LLC in the company’s recent $600 million sale of its natural gas processing, treatment, and pipeline systems in the Woodford Shale region of southeastern Oklahoma to Atlas Pipeline Partners L.P. of Philadelphia.
Attorneys Wesley P. Williams and Arthur J. Wright led the Thompson & Knight team on behalf of Cardinal Midstream. They were supported by firm attorneys R. David Wheat of Dallas and Anna R. Irion of Houston. The transaction, announced on December 3, 2012, is awaiting regulatory approval and is expected to close before the end of the year. Under the terms of the agreement, Atlas will purchase three of Cardinal’s subsidiary companies: Cardinal Arkoma Inc., Cardinal Arkoma Midstream LLC, and Cardinal Gas Treating LLC. The combined assets include three facilities with a processing capacity of 220 million cubic feet of natural gas per day, approximately 66 miles of gathering pipelines, a natural gas contract treating business, and other treating and compression facilities.
“While smaller than some of the more notable shale regions in the U.S., the Woodford basin is considered by many experts to be one of the nation’s thickest and highest-quality oil and gas reservoirs,” says Mr. Wright, a partner in the firm’s Dallas office and Oil and Gas Practice leader. “Thompson & Knight attorneys expect the region will continue to see a great deal of transactional interest in the coming year.”