Diversified Energy Company PLC has closed its acquisition of Oklahoma-based Tapstone Energy Holdings, LLC and related party KL CHK SPV, LLC.

Oaktree Capital Management made a co-investment in the Acquisition on behalf of Diversified Energy.

The transaction, previously announced on October 7, 2021, consists of certain upstream assets, field infrastructure, equipment and facilities.

Commenting on the Acquisition and the enlarged borrowing base, CEO Rusty Hutson, Jr. said: "As we close our fourth acquisition within the Central Region this year, we continue the efficient integration process of our high-quality assets within the region. Alongside former Tapstone personnel who today join the Diversified family, we look forward to implementing our proven Smarter Asset Management programme and to leveraging our enlarged regional footprint to capture operational synergies. At less than two times Adjusted EBITDA, this highly accretive and attractively priced acquisition further solidifies our position as a leading consolidator of producing assets in the Central Region and enhances our cash flow to support our ESG initiatives, dividend distributions, debt reductions and further accretive reinvestment."

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