Top Story | Private Equity | Deals - Acquisition, Mergers, Divestitures | Capital Markets
Earthstone Finalizes Acquisition of Midland-Focused Independence Resources
Email
Print 
Bookmark
Earthstone Energy Inc. has completed the acquisition of Independence Resources Management.
The aggregate purchase price for the acquisition was approximately $182.0 million.
Independence Resources is backed by Warburg Pincus.
Mr. Robert J. Anderson, President and CEO of Earthstone, commented, "We are pleased to be able to begin 2021 with the completion of this significant acquisition and would like to thank the team at IRM for working with us to close this transaction just three weeks after announcement. The added scale of this acquisition enhances our ability to deliver top tier operational and financial results with a heavy focus on generating low-cost, high margin production. We remain committed to financial discipline while continuing to seek further increases to our scale with high-quality accretive acquisitions."
Director Appointment
In connection with closing, the Earthstone Board of Directors has expanded to nine members with the appointment of Mr. David S. Habachy. Mr. Habachy has been a Managing Director on the Energy team of Warburg Pincus, LLC since 2017.
| Category | 2020 | 2021 Est. Initial | Updated 2021 Guidance | %Difference (2020vs 2021) |
| Total Capital Expenditure($mm) |
|
|
|
|
| Rig Count |
|
|
|
|
| Production Daily Equivalent(boe/d) |
|
|
|
|
Related Categories :
Deals - Deal Close
More Deals - Deal Close News
-
Diamondback Wraps Up Acquisition of Midland-Focused Guidon
-
SandRidge Finalizes $47MM North Park Asset Sale
-
Battalion Finalizes Sale of Delaware Basin Assets
-
Contango Finalizes Acquisition of Mid-Con Energy Partners
-
Penn Virginia Seals Eagle Ford Deal with Juniper; Credit Line Reaffirmed
Permian News >>>
-
Summit Midstream Fourth Quarter, Full Year 2020 Results -
-
Riley Exploration Permian Talks Q1 Production, Drilling -
-
Ovintiv Adds Finance Pro to Board; Kimmeridge Withdraws Nominations
-
Exxon Unveils New 'Low Carbon' Business Unit; Reaffirms 2021 Capex -
-
Cimarex Names Former Concho Exec as VP of Investor Relations
Permian - Midland Basin News >>>
-
Large Permian E&P to Complete/Frac +32% More Wells in 2021 vs 2020
-
Diamondback Wraps Up Acquisition of Midland-Focused Guidon -
-
QEP Resources Fourth Quarter, Full Year 2020 Results
-
Oasis Ups Capex 13% for 2021, Production Flat; Q4/Full Year 2020 Results
-
Callon Cuts Spending, Drilling for 2021; 95 Completions Planned
