Midland-based Blackbeard Operating reportedly agreed May 21 to deal certain of its upstream assets in Barnett Shale to Birmingham, Ala.-based Diversified Energy for gross purchase price of $180 million. Diversified said May 28 that “the Blackbeard acquisition represents an attractive entry point into the Barnett Shale and an extension of the company’s presence in its newly identified central region focus area.” The transaction is expected to add about 475 billion cubic feet equivalent of proved developed producing reserves and about 96 million cubic feet equivalent per day of net production (82 percent natural gas).
Together with its recent acquisition of Cotton Valley upstream assets from Indigo Minerals, Diversified Energy now has more than 300,000 net acres of leasehold in its focus area with about 192 million cubic feet per day of net production.