One-Page Deal Sheet
Laredo Petroleum/Vital Energy Acquires Driftwood Energy
Laredo Petroleum Inc., Vital Energy, Inc. Driftwood Energy Partners
Announced Date
February 14,2023
Effective Date
January 01,2023
Close Date
April 03,2023
Transaction Type
Asset
Enterprise Value (EV)($MM)
202
Asset/Basin:
["Permian Basin", "Midland Basin"]
TargetZones:
["Wolfcamp B"]
Net Acres
% Oil:
Net Operated Locations:
Location
Calculated Metrics( EV/Category)
Region
Permian - Midland Basin
Country
United States
State
Texas
County
Upton ,Reagan
Play
Production Production
Production Mix
Calculated Metrics( EV/Category)
$/ Flowing
$/ Acre
$/Location
Transaction Details: Require Private Equity Subscription
Vital Energy, previously known as Laredo petroleum announced said it it acquiring the assets of Driftwood Energy Operating, LLC , inclusive of all leasehold interests and hedges, in exchange for 1,578,948 shares of Vital common stock and $127.6 million of cash.
Highlights:
Current production of ~5,400 barrels of oil equivalent ("BOE") per day (63% oil) adding an estimated 30 gross (23 net) operated horizontal locations in the Wolfcamp B, including four gross (four net) drilled but uncompleted locations Approximately 16,500 gross (11,200 net) acres in Upton and Reagan counties (~91% held by…Permian - Midland Basin Deal Activity In Last 12 Months
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