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Services Available
We have been involved in a variety of complex energy and natural resources financing transactions, including Internal Revenue Code Section 29 tax Credit Transactions, production payments, net profit interests, warrants, stock options and other equity kickers, and split stream financing.
Due to the mixture of federal, state and Indian lands, and because financing often involves multiple states, lending in the Rocky Mountain Region involves challenges that require novel solutions. Our lawyers are licensed in most of the States comprising the Rocky Mountain Region, including Colorado, Utah, Wyoming, Nevada and Montana, and have an in-depth understanding of the lending and title requirements, and the interrelation of federal, Indian and state land and mineral issues unique to this region.
Hedging
Our hedging practice includes substantial experience representing mining and energy companies employing complex commodity derivatives and interest rate hedging. We advise clients regarding all aspects of hedging transactions, including U.S. commodities regulations, documentation under ISDA master agreements and international tax implications.
Representative Transactions:
The following is a representative sample of some of our recent energy and natural resources financing and hedging transactions.
Production Loans
Oil and gas production loans aggregating in excess of $175,000,000 and secured by properties in six states (representing the borrower).
Oil and gas production loan aggregating $400,000,000 ($275,000,000 initial commitment) secured by properties in Texas, Oklahoma, Kansas and Louisiana.
$4,500,000 production loan secured by producing oil and gas properties in Nebraska (representing the lender).
Colorado, North Dakota, Wyoming and Nebraska counsel for a $125,000,000 term and revolver loans secured by producing and nonproducing properties with U.S. and Canadian borrowers (representing the U.S. and Canadian lenders).
$53,000,000 senior secured and $24,000,000 subordinated secured debt financing secured by producing oil and gas properties located in Wyoming and Utah, involving reversionary interests through four corporations based on production and payoff contingencies (representing the borrowers).
$100,000,000 oil and gas production loan secured by producing oil and gas properties in multiple Western states, representing the borrower.
$150,000,000 potash production loan secured by properties in New Mexico and Utah.
$60,000,000 oil and gas production loan involving properties located in the States of Wyoming and Utah (representing the borrower).
Representing the lender in a $12,000,000 loan for acquisition and development purposes, secured by producing non-producing oil and gas properties in California and Kansas, including production payment financing and equity kickers in the form of stock warrants, net profits interests and overriding royalty interests.
Development Loans
A $7,500,000 development loan for a Colombian natural gas operation secured by accounts receivable and other assets of the borrower (representing the lender).
Nonrecourse loans in excess of $20,000,000 secured by producing and nonproducing oil and gas properties and processing facilities, and involving equity kickers, including convertible overriding royalty interests and stock warrants secured by properties in Texas, Wyoming, Colorado and Utah (representing the lender).
An $8,000,000 development and production loan with equity kickers and commodity price hedging to finance development drilling on federal units and acquisition of additional drilling locations in the Uintah Basin, Utah (representing the lender).
A $15,000,000 development loan to finance a development drilling project on fee lands in the Permian Basin, Texas (representing the lender).
A $20,000,000 development loan to finance a coal bed methane drilling project on federal and fee lands in the Raton Basin, Colorado (representing the lender).
Mining
$10,000,000 working capital facility secured by uranium concentrates, receivables and other contract rights to finance improvements at a uranium mill in Utah (representing the lender)
$5,000,000 acquisition and financing of a dolomite mine in Nevada (representing the borrower)
$56,000,000 project financing for construction and installation of long wall in a coal mine in Colorado (representing the borrower)
$5,000,000 project financing for a gold mine located in South Dakota (representing the lender).
$26,500,000 coal mine project financing for a coal mine located in Kentucky (representing the lenders).
A $145,000,000 prepaid forward sale of gold, secured by surety bonds (representing the borrower).
Tribal Lands
$15,000,000 nonrecourse development and production loans with equity kickers and commodity price hedging to finance development drilling on the Uintah and Ouray Indian Reservation in Utah (representing the lender).
Special Indian law counsel in a $62,000,000 financing of the acquisition by an Indian tribe/private corporation joint venture of a large natural gas gathering system and related compression facilities located on tribal lands in Colorado (representing the lenders).
Representation of the purchaser/borrower on title and Indian law issues involved with the $49,000,000 acquisition of oil and gas properties principally on federal land and Indian reservations in Colorado, New Mexico, Wyoming, Montana and North Dakota and the rendering of security opinions to domestic and foreign banks in the related $120,000,000 financing (representing the purchaser/borrower).
Representation of a major investment brokerage firm in two tax credit monetization transactions with the Southern Ute Indian Tribe involving coal bed methane properties acquired by the Tribe from a natural resources company operating on the Reservation and acquired from BP Amoco in the settlement of litigation over title to coal bed methane on the Reservation.
Gas Processing Plants
$25,000,000 gas plant and gas storage loan, including term, revolver and working capital facilities (representing the agent bank).
Nonrecourse acquisition, production, drilling and construction loans in excess of $35,000,000 to two related entities, secured by numerous gathering systems and gas processing facilities as well as producing and non-producing oil and gas properties and interests in general and limited partnerships, and involving equity kickers, including overrides and stock warrants (representing the lender).
$1,750,000 loan secured by a gas processing facility and related producing properties (representing the lender).
Refineries
Representation of a client in the sale of an oil refinery for $20,000,000, involving seller carry-back financing (also representing the client in the original purchase and financing of the refinery).
$40,000,000 credit facilities for ongoing oil refinery operations, including term and revolver loans, as well as letter of credit facilities; secured by the refinery, a pipeline, gas gathering systems and gas plants, as well as accounts and general intangibles (representing the borrower).
$48,000,000 credit facility for installation of a fluid catalytic cracking unit at an oil refinery and for working capital; revolver, term loan and letter of credit facilities secured by real property, pipelines, inventory and accounts (representing the borrower).
$2,000,000 inventory and accounts receivable financing for refinery operations in Oklahoma involving deposit accounts, lockboxes and receivables attributable to governmental contracts.
Representation of the lender in a $17,000,000 financing for the acquisition and operation of two refineries in Nevada and a terminal in Utah, secured by the refineries, the terminal, various oil and gas properties located in Nevada, rolling stock and equity interests in various subsidiaries.
Pipelines
$425,000,000 syndicated credit facility for crude oil pipeline in Montana, Wyoming, Colorado, Utah and California, consisting of senior secured revolving facility and senior secured term loan (representing the borrower).
Oil pipeline financing in Utah and Wyoming in excess of $10,000,000 and secured by the pipeline (representing the borrower).
$150,000,000 oil pipeline located in the State of California involving start-up and proposed construction of the project, including the proposed construction financing (representing the manager/borrower).
Co-Generation Facilities
Financing and construction of a $45,000,000 gypsum wallboard manufacturing plant and associated electric co-generation facility (representing the borrower).
Financing and construction of a 50-megawatt electrical co-generation facility and associated greenhouse, and a second 68-megawatt electric co-generation facility and associated greenhouse (representing the borrower).
$75,000,000 project financing for the construction and operation of a 75-megawatt co-generation facility and associated greenhouse (representing the borrower).
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