Diversified Energy Co. PLC, Birmingham, Ala., closed a $106-million deal to acquire high-working interest, operated natural gas properties and related infrastructure in eastern Texas from Crescent Pass Energy, Houston.
The deal includes PDP reserves of about 170 bcfe (28 MMboe) and current net production of 38 MMcfed (about 6,000 boe/d). The assets also include over 500 miles of owned pipelines and associated compression infrastructure and feature additional undeveloped acreage.
Net consideration consists of ordinary shares and cash consideration of $71 million.
Upon announcing the deal in July, Diversified said production from the assets, which includes about 170,000 acres of leasehold in both East Texas and the Freestone Trend, is significantly gas-weighted (92% gas volumes) and that proximity to the company’s existing assets creates “immediate line of sight to future operating efficiencies.”
