Gray Reed represented Ellipsis U.S. Onshore Holdings LLC (“Ellipsis”), a portfolio company of the Westlawn Group, in a transaction announced Aug. 19, 2025, that strengthens Ellipsis’ position in key U.S. onshore basins.
Ellipsis entered a farmout with Black Stone Minerals, L.P. (NYSE: BSM) covering about 270,000 gross acres in East Texas. Under the farmout, Ellipsis can earn a stake in BSM’s Haynesville acreage by funding and participating in its development. Farmout agreements allow a company like Ellipsis to gain an interest without taking on full operational risk, while the owner retains control and upside. The arrangement includes roughly 100,000 undeveloped net acres, with clear opportunities for additional growth.
Gray Reed served as counsel to Ellipsis. The Gray Reed team was led by Partner Philip Jordan and Associate Constanza Recchini.
“Ellipsis is executing an ambitious growth strategy in premier basins, and we’re proud to support them with the legal guidance needed to make these transactions possible,” said Philip Jordan, energy practice group leader at Gray Reed.
About Ellipsis
Founded in 2023, Ellipsis is a Dallas-based, private energy company focused on acquiring and developing large-scale, producing oil and gas assets across the United States. Ellipsis targets non-operated working interest acquisitions exceeding $100 million, with an emphasis on the major U.S. onshore basins. Ellipsis is known for its flexible, partnership-driven approach-working alongside operators and financial sponsors to provide capital solutions, enhance liquidity, and unlock value. Ellipsis also actively evaluates and participates in new opportunities through collaborative transactions and structured investments.
About Westlawn Group
Founded in 2021, Westlawn is a Houston-based private investment firm focused on long-term capital deployment across the global oil and gas sector. Westlawn invests in both operated and non-operated upstream assets-ranging from producing properties to development and exploration opportunities-as well as in technologies that improve production and asset performance. Westlawn maintains a broad investment mandate across the U.S. (Lower 48, Gulf of Mexico, and Alaska), Canada, Latin America, the Caribbean, and the Middle East.
About Gray Reed’s Energy and M&A Practice
Gray Reed's Energy focused Mergers and Acquisitions team has significant experience representing privately held and public companies, management teams, founders, private equity funds and other equity sponsors in transactions across the energy space, including in M&A transactions in every major producing basin, equity investments and recapitalizations.
About Gray Reed
As a full-service Texas law firm, with a comprehensive range of litigation and transactional practice groups, Gray Reed’s 150 attorneys focus on understanding our clients’ businesses and industries. We are equipped to support companies and high-net-worth individuals with sophisticated legal needs. Through our subsidiary, Gray Reed Advisory Services, we extend our support with expert consultants who provide strategic business solutions tailored to each client’s objectives. Discover what sets us apart at www.grayreed.com and www.grayreedadvisory.com.