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Due Diligence in Upstream Oil & Gas Acquisitions Dwight Howes Partner Reed Smith LLP dhowes@reedsmith.com 412-288-5933. What are upstream oil and gas assets?. Wells and well head equipment Tank batteries Initial processing facilities Water stations Pits Compressors

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Due Diligence in Upstream Oil & Gas AcquisitionsDwight HowesPartnerReed Smith LLPdhowes@reedsmith.com412-288-5933

what are upstream oil and gas assets
What are upstream oil and gas assets?

Wells and well head equipment

Tank batteries

Initial processing facilities

Water stations

Pits

Compressors

Flow lines to interconnection with gathering

Contracts

People

Leases

Vehicles

Equipment

due diligence impacts on transaction
Due Diligence Impacts on Transaction

Timing of Signing PSA or Closing

Transaction Terms

Transaction Priorities

Whether the Transaction Closes

due diligence impacts on transaction1
Due Diligence Impacts on Transaction

Meet with client early in process

Find out what keeps client awake at night

Cover the areas of due diligence with client

Discuss what will be considered material

Take a lot of notes – and keep them

Prepare due diligence checklist with deadlines and specific accountability (by person)

Get Seller buy in – Seller much more likely to be cooperative at start of process than when due diligence pain is being inflicted

If an investment banker is involved, there will be an eRoom – find out how it is organized and pay special attention to the “Other” category

areas to cover
Areas to Cover

Governance & Organization

Approvals – Corporate & Contractual

Securities Regulations

Taxes

HSR

Title/Pref Rights

Environmental – Phase I

Employee Issues

Post – Closing Integration