Earthstone Energy Acquires New Mexico Assets of Titus for USD 627m.
MANews-(C)2009-2022
Texas-based independent energy company Earthstone Energy, Inc. (NYSE: ESTE) has agreed to acquire the New Mexico assets of Titus Oil and Gas Production, LLC and Titus Oil and Gas Production II, LLC and their affiliates, to expand in the northern Delaware Basin, for USD 627m, the company said.
Titus is privately held with sponsorship by investment funds managed by NGP Energy Capital Management, LLC.
The aggregate purchase price of the Titus acquisition consists of USD 575m in cash and approximately 3.9m shares of Earthstone's class A common stock valued at USD 52m based on a closing share price of USD 13.51.
The effective date of the Titus acquisition will be August 1, 2022, with closing anticipated in 3Q22.
The cash portion of the consideration is expected to be funded with cash on hand and borrowings under the company's senior secured revolving credit facility.
In conjunction with the Titus...
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