Seeking Alpha

Earthstone Energy +20% on Oak Valley deal

  • Earthstone Energy (ESTE +19.8%) agrees to acquire the producing assets and undeveloped acreage of Oak Valley Resources plus $138M in cash in exchange for 9.1M ESTE common shares.
  • The combined company will have a total 2,750 boe/day of production, 14.6M in oil reserves, plus Oak Valley's 67K acres of oil and gas leasehold acreage, mostly in the Eagle Ford shale in south Texas.
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