Crescent Energy to buy Ridgemar Energy's Eagle Ford basin assets for $905 mln (updated)
03/12/2024 21:34
(Adds details in para 2, CEO comment in para 3)
Dec 3 (Reuters) - Crescent Energy CRGY.N said on
Tuesday it would acquire Carnelian Energy Capital-backed
Ridgemar Energy's assets in the Eagle Ford basin in Texas for a
cash-and-stock deal of $905 million.
The deal, which is expected to close in the first quarter of
2025, also includes an additional payment of $170 million by
Crescent contingent on future oil prices.
"With accelerated synergies captured from the integration of
SilverBow and our recent bolt-on acquisition, our full team is
ready and eager to add the Ridgemar assets to our core operating
footprint in the Eagle Ford," said Crescent CEO David
Rockecharlie.
Reuters had reported in November that Carnelian Energy
Capital was exploring a sale of Ridgemar.
(Reporting by Seher Dareen in Bengaluru; Editing by Krishna
Chandra Eluri)
((Seher.Dareen@thomsonreuters.com; If in India call +91 74832
70128;))