Earthstone Energy has acquired working interests in assets it operates located in southern Gonzales County, Texas from four separate sellers, for around $48m in cash.
The largest of the acquisition components, comprised of working interests owned by two affiliates of Titanium Exploration Partners, constituted most of the total consideration.
Earthstone Energy is a growth-oriented, independent energy company engaged in the development and operation of oil and natural gas properties. Its primary assets are in the Midland Basin of west Texas and the Eagle Ford Trend of south Texas.
Robert J. Anderson, president and CEO of Earthstone, said: “We paid an attractive price for these producing assets which we already operate and they will add 1,150 boepd of production with a lower decline profile compared to our current aggregate corporate decline profile. While not as significant in size as the previously announced acquisitions, the Eagle Ford Acquisitions will increase oil production and positively impact our overall cash margins.”
For more information visit: www.earthstoneenergy.com