White Star Petroleum LLC, formerly known as American Energy—Woodford LLC, completed the acquisition of Mississippi Lime and Woodford Shale assets from Devon Energy Corp. (NYSE: DVN) for $200 million, net of closing adjustments, the company said July 1.

The acquired assets include about 210,000 net acres in central-northern Oklahoma, primarily located in Payne, Lincoln, Logan and Garfield counties, with most of the position HBP.

In conjunction with the acquisition, White Star entered into a senior secured, reserves-based revolving credit facility to amend and restate its existing credit facility. The amended, restated syndicated facility has a four-year term and initial commitments of $210 million.

MUFG Union Bank NA and Capital One Securities Inc. were joint lead arrangers for the amended facility, and MUFG Union Bank is the administrative agent.

Concurrently with the acquisition, White Star also extinguished its 12% second-lien notes due 2020 through private buybacks or through exchanges for equity in the parent company, White Star Petroleum Holdings LLC.

Borrowings under the amended facility, together with proceeds from new equity commitments led by The Energy & Minerals Group, funded the acquisition and the repurchases of second-lien notes.

White Star's legal adviser for the acquisition was Porter Hedges LLP, and Sullivan & Cromwell LLP was its legal adviser for the recapitalization transactions.

White Star also said that, as part of management team expansion, it hired Caleb G. Morgret as CFO; Jeffrey J. Zanotti as senior vice president, general counsel and secretary; and Richard (Ricky) D. Pollot as chief accounting officer.