Diversified Energy closes deal with Crescent Pass
Diversified Energy Co. PLC, Birmingham, Ala., closed a $106-million deal to acquire high-working interest, operated natural gas properties and related infrastructure in eastern Texas from Crescent Pass Energy, Houston.
The deal includes PDP reserves of about 170 bcfe (28 MMboe) and current net production of 38 MMcfed (about 6,000 boe/d). The assets also include over 500 miles of owned pipelines and associated compression infrastructure and feature additional undeveloped acreage.
Net consideration consists of ordinary shares and cash consideration of $71 million.
Upon announcing the deal in July, Diversified said production from the assets, which includes about 170,000 acres of leasehold in both East Texas and the Freestone Trend, is significantly gas-weighted (92% gas volumes) and that proximity to the company’s existing assets creates “immediate line of sight to future operating efficiencies.”
Mikaila Adams | Managing Editor - News
Mikaila Adams has 20 years of experience as an editor, most of which has been centered on the oil and gas industry. She enjoyed 12 years focused on the business/finance side of the industry as an editor for Oil & Gas Journal's sister publication, Oil & Gas Financial Journal (OGFJ). After OGFJ ceased publication in 2017, she joined Oil & Gas Journal and was named Managing Editor - News in 2019. She holds a degree from Texas Tech University.
