Energy A&D Transactions from the Week of Nov. 17, 2021

Acquired Vine, an energy company focused on the development of natural gas properties in the overpressured stacked Haynesville and Mid-Bossier shale plays in NW LA. (Completed; PSA announced August 2021)

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Acquired through an all-stock merger, forming Civitas Resources, with approximately 425,000 net acres in CO’s D-J Basin, a production base of 117,000 boe/d and aggregate enterprise value of $2.6 B. (Completed; PSA announced May 2021)

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Acquired privately held Crestone Peak in an all-stock transaction; pro forma company will operate across more than half a million net acres in the D-J Basin with estimated production base of approximately 160,000 boe/d and year-end 2020 proved reserves of more than 530 million boe. (Completed; PSA announced June 2021)

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Bought approximately 220 net royalty acres located primarily in OK’s Stephens County in the same area of the SCOOP Springboard III play.

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Acquired privately held Fire Sky Energy, which has a large land base in both Saskatchewan and Manitoba primarily focused on the development and production of long-life conventional oil and gas reserves. (Completed; PSA announced October 2021)

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Purchased package of 499 nonoperated legacy working interest wellbores located in AR’s Fayetteville Shale; mineral rights not included in transaction.

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Acquired privately held operated assets located in the Midland Basin with average daily production of 4,400 boe/d (26% oil, 52% liquids) for September and associated reserves of approximately 13.3 MMboe (11% oil, 31% NGL, 58% natural gas) plus 10,000 net acres (100% operated; 67% HBP) in Irion County, TX. (Completed; PSA announced October 2021)

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Purchased natural gas gathering and processing assets consisting of an approximately 1,620-mile gathering system and an 85 MMcf/d cryogenic processing plant located in central KS.

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Purchased interests in MT’s Sleeping Giant Field and ND’s Russian Creek area in the Williston Basin; transaction includes up to $5 MM in contingent payments tied to future oil prices. (Completed; PSA announced August 2021)

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Purchased, in separate transactions, the Mustang Springs Gas Gathering System in the northern Midland Basin and the Pecos Gas Gathering System in the southern Delaware Basin of the Permian.

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To acquire Pioneer’s Delaware Basin position in the Permian covering approximately 92,000 net acres in Pecos, Reeves, Ward and Winkler Cos. in W TX with net production of approximately 50,000 boe/d and over 650 gross operated locations in Third Bone Spring/Wolfcamp A and B. (Expected to close 4Q 2021)

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Bought operated and nonoperated assets in E TX including approximately 60,000 net acres flowing roughly 12.5 MMcfe/d of natural gas weighted production across a region with multiple producing horizons.

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To acquire 8,400 net royalty acres in the D-J Basin primarily in Weld County, CO, including 10.37 net producing wells, 1.6 net PUDs and 1.5 net drilling permits. (Expected to close December)

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To acquire GEP Haynesville, the third largest private Haynesville operator, in a cash-and-stock transaction; includes 226,000 net effective acres with estimated net resource potential of 6 Tcfe, approximately 700 MMcf/d of production and 700 locations. (Expected to close year-end 2021)

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To purchase approximately 22,000 net acres directly offset Colgate’s existing position in the northern Delaware Basin of the Permian in Eddy and Lea counties, NM; includes 750 boe/d of estimated average net production and over 200 “high-quality locations.” (Expected to close 1Q 2022)

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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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