Crescent Energy To Buy Assets From Eagle Ford Operator For $168 Mln

(RTTNews) - Crescent Energy Co. (CRGY) announced on Wednesday that it has inked a deal to acquire assets from a private Eagle Ford operator for $168 million in cash.

David Rockecharlie, CEO of Crescent, said: "This transaction builds upon our momentum in the Eagle Ford, where we see substantial opportunity for further growth and compelling investment returns. We are adding low-decline oil production and high-quality acreage adjacent to our existing position, with meaningful opportunity to further increase returns through improved operating efficiency."

The transaction builds upon its acquisition activity in the Eagle Ford over the past 18 months, including the recently closed acquisition of SilverBow Resources Inc.

The transaction, which has an effective date of May 1, is expected to close in September.

The acquisition will add roughly 30 oil-weighted, core development locations with advantaged NRIs from owned minerals further increasing returns.

Post transaction, around 5,300 net royalty acres, greater than 3,500 surface acres and owned takeaway increase margins are expected.