One-Page Deal Sheet
Legacy Reserves Invests in Black Oak Resources
Legacy Reserves Lp Black Oak Resources Llc
Announced Date
September 01,2008
Close Date
September 24,2008
Transaction Type
JV
Enterprise Value (EV)($MM)
20
Asset/Basin:
{Permian}
Transaction Details: Require Private Equity Subscription
Legacy Reserves LP today announced that is has entered into a commitment to invest up to $20 million over three years with Black Oak Resources, LLC ("Black Oak"), a partnership between Mike Black, and a partnership formed by Post Oak Energy Capital, LP ("Post Oak") and Magnetar Capital ("Magnetar").
Black Oak and Legacy will jointly pursue oil and natural gas assets which have a high percentage of undeveloped reserves. The partnership has $110 million of equity commitments from Magnetar, Post Oak and affiliates of Mr. Black.
Black Oak is led by Mike Black, a proven oil and gas entrepreneur…
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