LandBridge Announces Agreement to Acquire 46,000 Surface Acres in the Southern Delaware Basin

LandBridge expects to use approximately $250 million of the net proceeds to partially fund the acquisition of approximately 46,000 surface acres in the Southern Delaware Basin known from a subsidiary of VTX Energy Partners, LLC (the “Acquisition”), with the balance of the net proceeds being used to repurchase units in DBR Land Holdings LLC, LandBridge’s operating company, (along with the cancellation of a corresponding number of Class B shares in LandBridge) that are held by LandBridge Holdings LLC, an affiliate of Five Point Energy. The transaction is expected to close in the fourth quarter of 2024 and is conditioned upon, and subject to, the closing of the Acquisition.

The Vinson & Elkins team was led by partners Mike Telle and David Oelman, with assistance from associates Nate Richards, Cole Leveque, Waleed Vohra and Rylie Goldwait. Other key team members included partner Ryan Carney, counsel Allyson Seger and associate Tripp Haskins; partner Mark Holmes and associates Sydni Daniels and Megan Hardy; partner David D’Alessandro, counsel Missy Spohn and associate Kenneth Strain; partner Matt Dobbins and associate Alyssa Sieja; and counsel Rajesh Patel and associate Haley Titcomb.