Davis Polk is advising Crestview Partners as a member of the investor group that announced today its agreement to acquire Samson Investment Company for approximately $7.2 billion. The investor group includes Kohlberg Kravis Roberts & Co. L.P., Natural Gas Partners and Itochu Corporation, in addition to Crestview. The agreement is subject to regulatory approval and customary closing conditions and is expected to be completed by the end of the fourth quarter 2011.

Samson Investment Co. is one of the largest private exploration and production companies in the United States, with interests in over 10,000 wells of which it operates over 4,000 wells in the U.S., including key positions in oil and liquids-rich plays such as the Bakken, Powder River, Green River, Granite Wash, Cana Woodford and Cotton Valley as well as in the Haynesville and Bossier gas shales. Crestview Partners is a private equity firm with approximately $4 billion under management that focuses on the energy, media, financial services, and healthcare industries. KKR is a leading global investment firm led by Henry Kravis and George Roberts. Natural Gas Partners is a Dallas, Texas-based family of investment funds organized to make direct equity investments in private energy enterprises. Itochu is a Japanese company engaged in domestic trading, import/export and overseas trading of a diverse range of products.

The Davis Polk team includes partner Paul R. Kingsley and associate Michael Grossman. Partner Mary Conway and associate Ethan R. Goldman are providing tax advice. Partner Karin S. Day is providing credit advice. Counsel Betty Moy Huber is providing environmental advice. All members of the Davis Polk team are based in the New York office.