Earthstone & Northern Oil & Gas Ink Acquisition Deal For Delaware Basin Permian Assets
Portfolio Pulse from Lekha Gupta
Earthstone Energy (ESTE) has agreed to acquire Novo Oil & Gas Holdings for $1.5 billion, while Northern Oil & Gas (NOG) will acquire a 33.33% stake in Novo assets for $500 million. The acquisition will increase ESTE's Delaware Basin acreage position by 11,300 net acres. The deal is expected to close in Q3 2023.
June 15, 2023 | 2:46 pm
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POSITIVE IMPACT
Earthstone Energy's acquisition of Novo Oil & Gas will increase its Delaware Basin acreage position and boost near-term production levels.
The acquisition of Novo Oil & Gas will increase Earthstone Energy's Delaware Basin acreage position by 11,300 net acres, boosting its near-term production levels. This is expected to have a positive impact on the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Northern Oil & Gas's acquisition of a 33.33% stake in Novo assets will allow it to participate in the development of the assets.
Northern Oil & Gas's acquisition of a 33.33% stake in Novo assets will enable the company to participate in the development of the assets, which is expected to have a positive impact on the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100