Earthstone Energy Enters Agreement To Acquire Novo Oil & Gas Holdings, LLC For $1.5B; Concurrently, Northern Oil and Gas Will Acquire Working Interests Equal To A Pro-Rate 1/3 Of Oil And Gas Assets Of Novo For $500M From Earthstone
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Earthstone Energy has entered an agreement to acquire Novo Oil & Gas Holdings for $1.5B. Concurrently, Northern Oil and Gas will acquire working interests equal to a pro-rate 1/3 of oil and gas assets of Novo for $500M from Earthstone.
June 15, 2023 | 11:34 am
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POSITIVE IMPACT
Earthstone Energy acquires Novo Oil & Gas Holdings for $1.5B and sells 1/3 of Novo's assets to Northern Oil and Gas for $500M.
The acquisition of Novo Oil & Gas Holdings expands Earthstone Energy's asset base and the concurrent sale of 1/3 of Novo's assets to Northern Oil and Gas for $500M helps finance the acquisition. This is likely to have a positive impact on Earthstone's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Northern Oil and Gas acquires working interests equal to a pro-rate 1/3 of oil and gas assets of Novo for $500M from Earthstone.
The acquisition of 1/3 of Novo's assets from Earthstone for $500M expands Northern Oil and Gas's asset base, which is likely to have a positive impact on the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100