
Client sold real estate and was seeking to do a 1031 by purchasing operating working interest in Texas producing oil and gas assets. Sophisticated Client had no prior experience in the oil and gas sector.
The services provided to Client included; but not limited to:
• Direct communication with clients daily
• Researched oil and gas assets
• Synthesized copious amounts of information and identified issues for client
• Educating and sharing information with client about the assets
• Presented strategic proposals to client
• Finding and evaluating comparable companies and transactions to evaluate acquisition targets
• Researched, evaluated, interviewed in advance; and scheduled meetings in Texas with professionals, including attorneys, accountants, owners of companies, lease owners, oil and gas technology companies, geologists, pumpers, landmen and banks
• Prepared letters of intent, confidentiality agreements, reviewed contracts, negotiating legal fees and other operating costs
• Investigated and performed background checks on interested professionals to protect our Client's interests.
Identified and closed on following assets:
1- Horne Lease Project: Purchase Price: $175,000.00. Three Mary Horne leases over the Coleman County Regular Field with shallow production, fit with client’s low-cost business model.
2- Tannenhill-Flippen Project: Purchase Price: $950,000.00. Covering five leases, this is water flood injection project in Shackleford County with multiple shallow targets within the Flippen and Tannehill Sands.
3- Sharon Ridge Project/Bluff Creek/Shackleford Regular: Purchase Price $5,900,000.00. The Project consists of over 350 wells on 10,000 acres in Scurry and Shackleford Counties. John Ciurcina developed a relationship with Green Bank. Green Bank held the bank note in the amount of $6,900,000.00. John Ciurcina was able to negotiate a deal with Green Bank to purchase the note at a $1,000,000.00 discount.
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John Ciurcina, Esq.
Garden City, New York
516-280-8782
john@lawofficejc.com