2009
Bayou Bend Petroleum, Ltd.
Disposition of Oil & Gas Assets
We acted as corporate counsel to Bayou Bend Petroleum, Ltd. in respect of the sale of all of Bayou Bend’s oil and gas properties, located offshore in the Gulf of Mexico, to Dynamic Offshore Resources, LLC, a private Texas entity.
The asset disposition completed on May 28, 2009 pursuant to a Purchase Agreement entered into between the parties on April 16, 2009. The purchase price under the Purchase Agreement was US$12.5 million paid in cash at closing plus up to an additional US$8.0 million payable on or before April 1, 2011, based on increases in proved oil and gas reserves attributable to the purchased interests as at December 31, 2010. The transaction was subject to regulatory and shareholder approval, following an extensive due diligence review of the company and its assets by Dynamic Offshore.