Eversheds Sutherland Advises Toklan Oil and Gas Corporation in Sale to Vega Upstream JV, LLC

Eversheds Sutherland served as legal counsel to Toklan Oil and Gas Corporation, an Oklahoma corporation, and its affiliated companies, Rampart Holdings, Inc., an Oklahoma corporation, Custer Partners, LLC, an Oklahoma limited liability company, Pescador, LLC, an Oklahoma limited liability company, and West Thomas Field Services, LLC, an Oklahoma limited liability company (collectively, the “Companies”), and their equity holders, guiding the them through the sale of all of the issued and outstanding equity interests in the Companies to Vega Upstream JV, LLC. The Companies own and operate producing oil and gas assets and gathering systems in Oklahoma and Texas. The Eversheds Sutherland team led negotiations and drafting discussions through signing and closing, helping the client navigate a complex sales structure to maximize deal value. 

The transaction was structured as a sale of 100% of the issued and outstanding capital stock of Rampart Holdings, Inc., an Oklahoma corporation (which itself holds 100% of Toklan and a retained 3% membership interest in each of Custer Partners, LLC, Pescador, LLC, and West Thomas Field Services, LLC), together with the remaining 97% of the membership interests in each of Custer Partners, Pescador, and West Thomas, to Vega Upstream JV, LLC.

The multi-disciplinary deal team was led by Partner Ryan Pittman (Energy) and Associate Angelena Velaj (Corporate), with support from Partners Cleve Glenn (Corporate) and Taylor Kiessig (Tax), and Associate Haley Klass (Corporate).