NOG: update. Announces closing of Permian Basin acquisition from Veritas Energy.
- closing settlement: $419.4 million in cash + 1.94 million common stock warrants at $28.30 / share
- additional information here; previously posted
- this NOG-Permian acquisition is a different deal;
- back-of-envelope:
- 1.94 *28.30 = $55 million
- + $419.4 million = $474.3 million
- $474.3 million / 9,100 boepd = $52,000 / boepd
- at 10,500 boepd estimate in 2022 = $45,000 / boepd
- Delaware Basin, core, 6,000 net acres = $79,000 / acre
Disclaimer: I often make simple arithmetic errors. If this is important to you, go to the source.
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Meanwhile, Earthstone Energy With Midland Basin Acquisition
One may want to read the history of Earthstone Energy, et al, at this post. Somehow it reaches back to Aubrey McClendon.
Link here. Will acquire the assets of privately held Bighorn Permian Resources located in the Midland Basin
- primarily Reagan and Irion counties
- purchase price: $860 million
- cash: $770 million
- 6.8 million shares Earthstone's stock valued at $90 million ($13.25 / share on January 28, 2021)
- 42,400 boepd
- 110,600 net acres
- back-of-the-envelope:
- $20,000 / boepd
- $8,000 / acre
- also has pending Chisholm Acquisition pending
- Earthstone + Chisholm: currently four rigs in Midland Basin and Delaware Basin respectively
- appears to be a "bolt-on addition"
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