Gardere Wynne Sewell LLP represented BP America Production Company (NYSE:BP) in its $1.2 billion sale of Hugoton Basin properties to an affiliate of LINN Energy, LLC (Nasdaq:LINE) in a transaction that was signed Feb. 28, 2012. Included in the sale are the Jayhawk gas processing plant located in Hugoton, Kansas and BP’s interest in approximately 2,400 wells in the Hugoton natural gas field. Completion of the sale remains subject to customary regulatory approvals and conditions. The acquisition is expected to close in March 2012.

Bracewell & Giuliani LLP represented Chesapeake Energy Corporation in the formation of a partnership with Kohlberg Kravis Roberts & Co L.P. (KKR) to invest in mineral interests and royalty interests in key oil and gas basins in the United States.

The Firm is representing Kohlberg Kravis Roberts & Co. L.P. (“KKR”) in the formation of a partnership with Chesapeake Energy Corporation (“Chesapeake”) to invest in mineral interests and royalty interests in key oil and gas basins in the United States. KKR and Chesapeake will make an initial combined $250 million commitment to the partnership. Chesapeake will contribute 10% of the total commitment and will receive a promoted interest in the partnership.  KKR and Chesapeake will jointly oversee the partnership while Chesapeake will source, acquire and manage the royalty investment opportunities.