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FIELDWOOD ENERGY: Seeks to Hire Weil Gotshal as Legal Counsel

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Fieldwood Energy LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Weil, Gotshal & Manges LLP as their legal counsel.

The firm will provide these legal services:

(a) take all necessary action to protect and preserve Debtors’ estates;

(b) prepare legal papers;

(c) take all necessary actions in connection with any Chapter 11 plan, disclosure statement and all related documents;

(d) take all appropriate actions in connection with the sale of Debtors’ assets;

(e) take all necessary actions to protect and preserve the value of Debtors’ estates; and

(f) perform all other necessary legal services in connection with the prosecution of Debtors’ Chapter 11 cases.

The firm’s customary hourly rates are as follows:

Partners and Counsel $1,100 – $1,695
Associates $595 – $1,050
Paraprofessionals $250 – $435

The firm also intends to seek reimbursement for expenses incurred.

During the 90 days prior to the petition date, the firm received payments and advances in the aggregate amount of $2,919,950.29 for services performed and to be performed.

Matthew Barr, Esq., a partner at Weil Gotshal, disclosed in court filings that the firm is a “disinterested person” as defined in Section 101(14) of the Bankruptcy Code.

Mr. Barr also made the following disclosures in response to the request for additional information set forth in Paragraph D.1 of the Revised U.S. Trustee Guidelines:

Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement?

Response: No.

Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case?

Response: No.

Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference.

Response: Weil Gotshal represented Debtors for approximately three months prior to the petition date. The firm’s billing rates and material financial terms with respect to this matter have not changed since the Debtors engaged the firm in May 2020.

Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period?

Response: Weil Gotshal is developing a prospective budget and staffing plan, which the firm will review with Debtors following the close of the budget period to determine a budget for the following period.

The firm can be reached through:

Matthew S. Barr, Esq.
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153-0119
Telephone: (212) 310-8000
Facsimile: (212) 310-8007
Email: matt.barr@weil.com

About Fieldwood Energy

Fieldwood Energy is a portfolio company of Riverstone Holdings focused on acquiring and developing conventional assets, primarily in the Gulf of Mexico region. It is the largest operator in the Gulf of Mexico owning an interest in approximately 500 leases covering over two million gross acres with 1,000 wells and 750 employees. Visit https://www.fieldwoodenergy.com for more information.

Fieldwood Energy and its 13 affiliates previously sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 18-30648) on Feb. 15, 2018, with a prepackaged plan that would deleverage $3.286 billion of funded by $1.626 billion.

On Aug. 3, 2020, Fieldwood Energy and its 13 affiliates again filed voluntary Chapter 11 petitions (Bankr. S.D. Tex. Lead Case No. 20-33948). Mike Dane, senior vice president and chief financial officer, signed the petitions. At the time of the filing, Debtors disclosed $1 billion to $10 billion in both assets and liabilities.

Judge David R. Jones oversees the cases.

Debtors have tapped Weil, Gotshal & Manges LLP as their legal counsel, Houlihan Lokey Capital, Inc. as investment banker, and AlixPartners, LLP as financial advisor. Prime Clerk LLC is the claims, noticing and solicitation agent.

The first lien group has employed O’Melveny & Myers LLP as its legal counsel and Houlihan Lokey Capital, Inc. as its financial advisor.

The RBL lenders have employed Willkie Farr & Gallagher LLP as their legal counsel and RPA Advisors, LLC as their financial advisor.

The cross-holder group has tapped Davis Polk & Wardwell LLP as its legal counsel and PJT Partners LP as its financial advisor.