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Upstream: Corporate Finance: Due Diligence

EnerVest is one of the 25 largest oil and gas companies in the United States, with more than 27,000 wells across 16 states, 5.5 million acres under lease, and more than $10 billion in assets under management. EnerVest has been a successful sponsor for over 20 years as an operating company for institutional investors, and in 2013 completed its thirteenth partnership fund with aggregate equity commitments of $2 billion.

Opportune was engaged to perform the financial due diligence on a $750 million purchase of interests in 1,300 oil and gas properties in Central and East Texas. Opportune conducted an extensive due diligence review as well as in-depth interviews to facilitate a timely integration of the seller’s accounting and operating responsibilities to the buyer. Additionally, Opportune performed detailed analysis of the closing statements to identify financial adjustments favorable to the buyer. In total, EnerVest’s acquisition price was reduced by $17.3 million as a result of purchase price adjustments identified and fully supported by Opportune. Opportune continues to provide services to EverVest in the areas of financial due diligence, IT infrastructure and financial reporting needs as it grows.

Since 2005, Opportune has led financial due diligence for a number of oil and gas acquisitions, both in asset-based transactions and for corporate mergers. Our extensive due diligence process is instrumental in assessing acquisition risks, commitments and contingencies, and allows companies to successfully monetize transaction savings by reducing aggregate purchase prices on the reviews of the final settlement statements.

The Opportune corporate finance team focuses on transaction advisory and valuations. We offer our clients all the knowledge and resources that come with a seasoned staff adept in energy-industry specialization and financial acumen. For additional information, click here.

Carl Wimberley

PartnerOpportune LLP