One-Page Deal Sheet
Earthstone Acquires PE-Backed Midland E&P for $182 Million
Earthstone Energy Inc. Independence Resources Management
Announced Date
December 18,2020
Close Date
January 07,2021
Transaction Type
Corporate
Enterprise Value (EV)($MM)
182
Asset/Basin:
["Permian", "Midland Basin"]
TargetZones:
["Middle Spraberry",
Net Acres
% Oil:
Proved Reserves
PDP PV-10 ($MM)
EbitDAX : Ebitdax_multple
Location
Calculated Metrics( EV/Category)
Region
Permian - Midland Basin
Country
United States
State
Texas
County
Midland ,Ector
Play
Production & Reserves Production
Production Mix
Reserves
Calculated Metrics( EV/Category)
$/ Flowing
$/ Acre
$/Location
Residual Metrics Residual Value
Transaction Details: Require Private Equity Subscription
Earthstone Energy Inc. has agreed to acquire Midland Basin-focused Independence Resources Management LLC for $182 million ($131.2 million in cash / $50.8 million in stock (12.7 million shares)).
Independence is backed by Warburg Pincus.
The deal closed on January 7, 2021.
Asset Highlights:- Acreage: 43,400 net acres
4,900 core net acres (100% HBP, 93% operated) in Midland and Ector counties, TX Additional 38,500 net acres (100% HBP, 100% operated) in the eastern Midland Basin- Drilling Locations: 70 locations in the core
- Average Production (3Q20): 8,780 BOEPD (66% oil)
- PDP Reserves:
Permian - Midland Basin Deal Activity In Last 12 Months
| Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
|---|---|---|---|---|---|
| Sep-02-2025 |
-  |
- |
Click here | Texas | E&P |
| Feb-26-2025 |
- |
- |
Click here | Texas | E&P |
| Feb-18-2025 |
- |
- |
Click here | Texas | E&P |
| Feb-12-2024 |
- |
- |
Click here | Texas | E&P |
| Dec-11-2023 |
- |
- |
Click here | Texas | E&P |
| Date | Deal Headline | Price | $/acre |
|---|---|---|---|
| Feb-12-2024 | Diamondback To Acquire Endeavor Energy In $26 Billion Transaction | - |
- |
| Jan-04-2024 | APA Corp to Acquire Permian Pure Player- Callon In All Stock Deal | - |
- |
| Dec-15-2023 | Fury Resources Takes Battalion Private In Transaction Worth $450 Million : Map | - |
- |