Canvas Energy: A Local Powerhouse
Based in Oklahoma City, Canvas Energy is a private exploration and production company with wells concentrated in Major, Kingfisher, and Canadian counties.
The Anadarko Basin, where Canvas operates, has been described as a “super basin,” with potential to produce nearly 50 billion barrels of oil equivalent—and possibly the same volume again from untapped reservoirs, according to a Geo Science World study.
Diversified projects the deal will generate $155 million in pre-tax profits over the next year, even before additional benefits from integrating Canvas’ operations.
Legal and Financial Muscle Behind the Deal
The transaction was steered by Kirkland & Ellis LLP for Diversified, led by corporate partners John Kaercher and Camille Meissner. KeyBanc Capital Markets acted as Diversified’s financial adviser, with Legado Capital Advisors LLC and TCG Capital Markets serving as structuring agents.
Sidley Austin LLP advised Canvas, led by partner Mark Metts in Houston. Evercore and BofA Securities Inc. handled Canvas’ financial advisory role.
The Kirkland team also included specialists in real asset transactions, debt finance, tax, and capital markets, underscoring the complexity of the deal.
