The Woodlands-based Earthstone Energy said this week it signed agreements to acquire assets in southeast Midland Basin from Foreland Investments and BCC-Foreland for $73.2 million in stock and cash ($49.2 million). The assets include about 10,000 net acres in Irion County (67 percent held by production) with September net production of 4,400 boed (26 percent oil) and estimated reserves of 13,300,000 (11 percent oil). Closing is expected in 2021Q4.
Robert J. Anderson, president and CEO, said operating synergies are expected when production operations are combined with Earthstone’s other assets in the area. He added, “This transaction will be our fourth acquisition this year as we continue to advance our consolidation strategy and enhance our Midland Basin footprint with additional scale.”