Earthstone Energy agrees to pay $1.5 bln for EnCap-backed Novo Oil & Gas
Earthstone Energy Inc.
ESTE, +5.99% said Thursday it agreed to acquire Novo Oil & Gas Holdings LLC, a Delaware basin exploration and production backed by EnCap Investments L.P. At the same time, Northern Oil and Gas Inc. NOG, +2.35% will buy working oil and gas interests of Novo for $500 million from seller Earthstone. The result of the two deals will be a net purchase price of $1 billion for Earthstone for the retained interests in Novo. Earthstone Energy is up 0.7% in premarket trades on Thursday.
Published: 15-06-2023
