Vital Energy to acquire Permian assets; shares fall

Vital Energy

12/05/2023 16:09

** Shares of oil and gas producer Vital Energy Inc  VTLE.N  
fall 2.5% to $42.27 
    ** Co and its partner to acquire assets in the Permian basin
in U.S. from Forge Energy II Delaware in an all-cash deal valued
at $540 mln
    ** VTLE to own 70% of the assets and the transaction is
expected to close in late second quarter - co
    ** Says the deal would add about 9,500 barrels of oil
equivalent per day (boepd) in production volume
    ** Vital Energy, which currently has a market cap of about
$730 mln, says it plans to fund the acquisition through its
credit facility 
    ** Including the session losses, stock is down 17.5% YTD

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