5. Governmental Approvals

Governmental Approvals
 

Given the highly regulated nature of oil and gas assets, both Buyers and Sellers should consult with counsel regarding any regulatory approvals necessary to complete a transaction. Additionally, transactions involving assets located on tribal lands may require special approvals from tribal authorities. With E&P transactions, if the Buyer desires to be appointed as the operator of the assets post-closing, the Seller should have an affirmative covenant to assist the Buyer in filing the requisite documents with the Oklahoma Corporation Commission to effect the change in operator status. In the midstream sector, the transfer of interstate pipelines could be subject to review and approval by the Federal Energy Regulatory Commission. Also, a transfer of intrastate pipelines could be subject to review and approval from appropriate state regulators. Depending on the nature of these governmental reviews and/or approvals, the parties may consider whether such approvals are conditions to closing the transaction.

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