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Earthstone Finalizes Acquisition of Midland-Focused Independence Resources

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   |    Thursday,January 07,2021

Earthstone Energy Inc. has completed the acquisition of Independence Resources Management.

The aggregate purchase price for the acquisition was approximately $182.0 million.

Independence Resources is backed by Warburg Pincus.

Mr. Robert J. Anderson, President and CEO of Earthstone, commented, "We are pleased to be able to begin 2021 with the completion of this significant acquisition and would like to thank the team at IRM for working with us to close this transaction just three weeks after announcement. The added scale of this acquisition enhances our ability to deliver top tier operational and financial results with a heavy focus on generating low-cost, high margin production. We remain committed to financial discipline while continuing to seek further increases to our scale with high-quality accretive acquisitions."

Director Appointment

In connection with closing, the Earthstone Board of Directors has expanded to nine members with the appointment of Mr. David S. Habachy. Mr. Habachy has been a Managing Director on the Energy team of Warburg Pincus, LLC since 2017.

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