Crescent Energy Co., Houston, has agreed to acquire assets from an unnamed private Eagle Ford operator for total cash consideration of $168 million. The deal will add “low-decline oil production and high-quality acreage” adjacent to the operator’s existing Eagle Ford position, said David Rockecharlie, chief executive officer, Crescent Energy, in a release Sept. 4.
The deal, expected to close in September subject to closing conditions, builds on the company’s recently closed $2.1-billion acquisition of SilverBow Resources Inc., and adds inventory directly offset the company’s existing footprint in Frio, Atascosa, La Salle, and McMullen counties, offering potential for operating efficiencies and the potential for 30,000 ft of additional lateral length on existing acreage, the company said (OGJ Online, June 4, 2024; Sept. 7, 2023).
Included in the deal is production of 4,000 boe/d (85% oil) and drilling inventory that immediately competes for capital, adding roughly 30 (gross) oil-weighted, core development locations, the company said. Crescent also will gain about 5,300 net royalty acres and more than 3,500 surface acres, the company said.
