Citizen Energy, Tulsa., Okla., has agreed to acquire Mid-Continent assets from an undisclosed seller.
Citizen will acquire about 8,000 boe/d of production (58% gas, 25% NGLs), 97 operated wells, 400 non-operated wells, and 28,000 net acres (94% HBP) largely within Citizen’s existing footprint.
Pro forma for the acquisition, Citizen will have net daily production of 74,000 boe/d, interests in over 1,700 wells, and over 230,000 net acres across the Mid-Continent. A headline purchase price of $153 million will be funded form existing liquidity within Citizen’s RBL facility, which was upsized to $850 million prior to the transaction.
Closing is expected in this year’s fourth quarter, subject to customary conditions and purchase price adjustments.
