Energy A&D Transactions from the Week of Dec. 1, 2021

Bought Reliance’s Eagle Ford Shale position covering approximately 62,000 net acres in Bee, DeWitt, Karnes and Live Oak counties in S TX and current net production of roughly 18,000 boe/d.

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To acquire Montney driller Storm Resources production of about 170 MMcfe/d (20% NGL) from 120,000 net acres across NE BC; includes a 68,000-net-acre position with 100% WI prospective for gas from the Muskwa, Otter Park and Evie/Klua shales in the Horn River Basin. (Expected to close December)

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To purchase a  multibasin mineral and royalty portfolio including over 26,000 gross producing wells concentrated in the Permian Basin (39%), Midcontinent (31%) and Haynesville Shale (14%). (Expected to close 4Q 2021)

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To acquire through a combination with Denmark’s Maersk Drilling to form one of the world’s largest offshore oil drilling rig companies based in Houston with a market cap of roughly $3.4 B.

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Purchase operations in the Ventura Basin producing 3,600 boe/d (about 65% oil) during 1Q 2021; agreements include additional earn-out consideration linked to future commodity prices. (Completed; PSA announced August 2021)

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To purchase 22,729 net acres of predominantly undeveloped Haynesville Shale leasehold in Harrison, Leon, Panola, Robertson and Rusk counties, TX, and 38 gross wells producing approximately 1,700 net Mcf/d as of November, net to Diversified. (Expected to close December)

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To acquire GIP’s 25.7% interest in Freeport LNG, second largest LNG facility in the US located near Freeport, TX, with 15 mtpa of nominal liquefaction capacity.

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Acquired Nuevo Midstream Dos Eagle Ford assets through an asset merger; includes approximately 100 miles of crude oil gathering pipeline feeding into the Lavaca Terminal, which consists of 300,000 barrels of crude oil storage and a six-bay truck station. 

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Purchased nonoperated interests across over 400 producing wellbores in the Bakken Shale of the Williston Basin located primarily in Williams, McKenzie, Mountrail and Dunn Cos., ND; include 65.9 net producing wells and 4,500 boe/d (2-stream, ~65% oil) of production. (Completed; PSA completed October 2021)

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To acquire Veritas Energy’s nonop position covering 6,000 net acres in the Permian Basin (about 70% Delaware) with current production of about 9,100 boe/d (2-stream basis, 60% oil) and an estimated proved developed PV-10 of roughly $429 million. (Expected to close 1Q 2022)

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To acquire Houston-based Goodrich, which has acreage positions in the Haynesville Shale in N LA and E TX, the Tuscaloosa Marine Shale in LA and MS and the Eagle Ford Shale trend in S TX. (Expected to close December 2021)

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Acquired from two sellers 17,000 total net acres in the oil window of the Eagle Ford shale play in La Salle, McMullen, DeWitt and Lavaca cos., TX, with approximately 2,500 boe/d (71% liquids / 46% oil) of net production in May from 111 PDP wells; includes over 100 net drilling locations. (Completed; PSA announced October 2021)

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To buy mineral and royalty interests representing approximately 4,600 net royalty acres located in 27 counties across NM, OK, TX & WY. (Expected to close by year-end 2021)

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To buy 337 gas stations in the Husky retail fuels network. (Expected to close mid-2022)

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To purchase Montney assets in Wembley part of Cenovus’ conventional business; total production averaged approximately 3,200 boe/d in 2021, with about 38% oil and NGL. (Expected to close in December)

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