Brief: Earthstone Energy Announces Northern Delaware Basin Asset Acquisition For ~$627 Million

Earthstone Energy

28/06/2022 12:26

June 28 (Reuters) - Earthstone Energy Inc  ESTE.N :
    * EARTHSTONE ENERGY ANNOUNCES NORTHERN DELAWARE BASIN ASSET
ACQUISITION FOR ~$627 MILLION
    * EARTHSTONE ENERGY INC - HIGHLY ACCRETIVE EXPANSION IN
NORTHERN
DELAWARE BASIN MEANINGFULLY INCREASES SCALE
    * EARTHSTONE ENERGY INC - EARTHSTONE'S CURRENT BORROWING
BASE IS
$1.4 BILLION AND IS EXPECTED TO INCREASE WITH TITUS ACQUISITION
    * EARTHSTONE ENERGY INC - EARTHSTONE HAS OBTAINED $400
MILLION OF
INCREMENTAL COMMITMENTS FROM EXISTING LENDERS
    * EARTHSTONE ENERGY INC - PURCHASE PRICE CONSISTING OF $575
MILLION IN CASH AND APPROXIMATELY 3.9 MILLION SHARES OF
EARTHSTONE'S CLASS A COMMON STOCK
    * EARTHSTONE ENERGY INC - PROPOSED DEAL EXPECTED TO INCREASE
NET
PRODUCTION BY 18,000-23,000 BOEPD (65% OIL) IN Q4 OF 2022
    * EARTHSTONE ENERGY INC - INTENDS TO FUND CASH PORTION OF
CONSIDERATION AND FEES AND EXPENSES WITH CASH ON HAND AND
INCREMENTAL BANK BORROWINGS

Source text for Eikon:  ID:nPnYZYL0a 
Further company coverage:  ESTE.N 

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