Earthstone Energy Announces Bolt-On Acquisition
Earthstone Energy, Inc. Class A (ESTE)
NASDAQ:AMEX Investor Relations:
investor.earthstoneenergy.com
Company Research
Source: PR Newswire
THE WOODLANDS, Texas, Oct. 4, 2021 /PRNewswire/ -- Earthstone Energy, Inc. (NYSE: ESTE) ("Earthstone", the "Company", "we", "our" or "us") today announced that it has entered into definitive agreements to acquire privately held operated assets located in the Midland Basin (the "Bolt-On Acquisition") from two sellers unaffiliated with Earthstone. The aggregate purchase price of the Bolt-On Acquisition is approximately $73.2 million consisting of $49.2 million in cash, subject to customary purchase price adjustments, and approximately 2.6 million shares of Earthstone's Class A common stock valued at $24.0 million based on a closing share price of $9.20 on September 30, 2021. The Bolt-On Acquisition is expected to close by the middle of the fourth quarter of 2021 with an effective date of July 1, 2021.Highlights of the acquired asset base and operations include:Average daily production of 4,400 Boepd (26% oil, 52% liquids) during September 2021 Projected next twelve months Adjusted EBIT
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