Earthstone gains on $1.5 bln deal to buy Novo Oil & Gas

Earthstone Energy

15/06/2023 15:25

** Shares of oil and gas producer Earthstone Energy  ESTE.N 
up 6.6% at $13.63
    ** Company to buy Novo Oil & Gas Holdings for $1.5 bln in a
bid to boost its presence in the Delaware Basin
    ** Northern Oil and Gas Inc  NOG.N  will also buy some
working interests in privately held Novo for $500 mln from ESTE,
resulting in a $1 bln purchase price net to Earthstone
    ** Shares of Northern Oil up 1% at $33.07
    ** Deal is expected to close in Q3 of 2023
    ** Including session's gains, ESTE down ~5% YTD and NOG up
~7%

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))