Keeping on top of who owns what, where, and when in this year’s wave of industry consolidation is part of REC’s due diligence services for clients looking to acquire, bolt on, divest, or invest. We enjoy sharing timely merger and A&D news with our oil and gas colleagues and readers, recognizing that not everyone has time to scour headlines, but that we might offer some benefit during the fast and furious change of hands in the “now” environment. With that said, Reese Energy Consulting today is following the latest exchange in the Permian, this time by The Woodlands-based Earthstone Energy. In its fourth acquisition of 2021, (this one a two-fer) Earthstone has added more assets to its expanding Midland position from two sellers whose names were not disclosed. The $73.2 million deal includes 10,000 net acres in Irion County, Texas, and 4.4 BOEPD (52% liquids, 26% oil), with PDP and associated reserves of 13.3 MMBOE (58% natural gas, 31% NGLs, and 11% crude). This follows two previous Midland acquisitions by Earthstone in January and April for a total $308.5 million and a $48 million Eagle Ford bolt-on purchase in June.
What do you think? Learn more about REC and our range of natural gas, due diligence, and A&D services at www.ReeseEnergyConsulting.com.
Earthstone Energy, Inc. is a growth-oriented independent energy company engaged in developing and operating oil and gas properties. The Company’s primary assets are located in the Midland Basin of west Texas and the Eagle Ford trend of south Texas.