American Oil and Gas Reporter - July 2023 - 17
IndustryDigest
companies Hibernia Energy III LLC
and Tap Rock Resources LLC.
Civitas says the combined
transactions will cover 68,000 net
acres (90% held-by-production) in the
Midland and Delaware basins, as well
as combined proved reserves of
approximately 335 million barrels of
oil equivalent as of year-end 2022.
Civitas says the transactions will
increase its production 60%, adding
100,000 boe a day (54% oil) of
existing output, with production
expected to average 105,000 boe/d
from close through year-end 2023.
According to Civitas, it will receive a
portion of Tap Rock's Delaware Basin
assets for $2.45 billion. They include
30,000 net acres, primarily located in
New Mexico's Eddy and Lea counties.
First quarter 2023 average production
was approximately 59,000 boe/d (52%
oil). Civitas says it will have an
inventory of 350 high-quality locations
in the Delaware Basin.
Civitas indicates it is obtaining
Hibernia's Midland Basin assets for
$2.25 billion. They include 38,000 net
acres in Texas' Upton and Reagan
counties. First quarter 2023 average
production was approximately 41,000
boe/d, (56% oil). Civitas says it will
have an inventory of 450 high-quality,
contiguous locations.
" These accretive and transformative
transactions will immediately create a
stronger, more balanced and
sustainable Civitas, " says Chris Doyle,
Civitas president and chief executive
officer. " By acquiring attractively
priced, scaled assets in the heart of the
Permian Basin, we advance our
strategic pillars through increased free
cash flow and enhanced shareholder
returns. We will soon have nearly a
decade of price-resilient, high-return
drilling inventory. "
Civitas predicts both transactions
will close in the third quarter of 2023
with effective dates of July 1, 2023. ❒
Earthstone, NOG Ally
To Buy EnCap's Novo
THE WOODLANDS, TX.-
Earthstone Energy Inc. and Northern
Oil & Gas Inc. have partnered to
acquire EnCap Investments-backed
Novo Oil & Gas Holdings LLC. The
deal has Earthstone paying $1.5 billion
to Novo, with NOG concurrently paying
Earthstone $500 million for working
interests equal to a pro-rata 33.3% of
the Novo assets. Earthstone will retain a
66.66% interest.
According to Earthstone, the assets
include:
· Production of 38,000 barrels of
oil equivalent a day (37% oil, 66%
liquids) from 114 wells;
· $912 million of proved developed
PV-10 and PD reserves of
approximately 73.9 million boe;
· 21 gross operated uncompleted
wells; and
· Approximately 11,300 net acres
(99% operated, 57% working interest,
86% held by production) in the core of
the Delaware Basin in Eddy County,
N.M., and Culberson County, Tx.
Earthstone President and Chief
Executive Officer Robert J. Anderson
says the acquisition is part of a strategy
to position the company as a significant
Permian Basin operator.
" The addition of approximately
200 high-quality, low breakeven
locations deepens our drilling
inventory and with our flat rig count,
extends our inventory life
significantly to over a decade, " he
reports. " We believe the benefits of
continued consolidation are very
compelling, and we strongly believe
this is a value-creating transaction for
Earthstone. We are also pleased that
Northern recognized the value of
these assets and chose to participate in
this highly accretive transaction. "
" Novo is NOG's largest transaction
to date and is among the most accretive,
The Petroleum Alliance of Oklahoma honored some of its top
members during the group's 2023 convention, held June 7-10 in
Irving, Tx. Chairman Emeritus David Le Norman received the organization's
Legacy Award, 89 Energy took home the Excellence in
Environmental Stewardship Award, Devon Energy was recognized
with the Community Impact Award and Helmerich & Payne received
the Reat Medcalf Safety Award. LEFT: Alliance Outgoing Chairman
Blu Hulsey (left) gives Le Norman the Legacy Award, which
recognizes an Alliance member's individual achievements on behalf
of the organization and the broader oil and natural gas industry.
RIGHT: Pausing during the presentation of the Community Impact
Award are, from left, Devon's Emma Sherry and Aaron Ketter,
Alliance President Brook Simmons and Devon's Derek Albro. The
Community Impact Award recognizes Alliance member companies
that have positively impacted the communities where they operate
through programs that prioritize community involvement.
JULY 2023 17
American Oil and Gas Reporter - July 2023
Table of Contents for the Digital Edition of American Oil and Gas Reporter - July 2023
Contents
American Oil and Gas Reporter - July 2023 - Intro
American Oil and Gas Reporter - July 2023 - Cover1
American Oil and Gas Reporter - July 2023 - Cover2
American Oil and Gas Reporter - July 2023 - Contents
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American Oil and Gas Reporter - July 2023 - Cover3
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