Crescent Energy Co. has entered into a definitive purchase agreement with Verdun Oil Company II LLC to acquire Uinta Basin assets previously owned by EP Energy for $815 million.
The acquisition is consistent with Crescent’s strategy to acquire high-value and accretive, cash-flowing assets while maintaining financial strength.
“We are acquiring these assets at a compelling valuation. They are a great addition to our existing Rockies footprint and align perfectly with our cash flow–based strategy,” said Crescent CEO David Rockecharlie. “Importantly, this transaction maintains our commitment to financial strength and flexibility while adding meaningful scale to our low-decline production base, free cash flow and proven inventory of highly economic re-investment opportunity.”
The transaction will provide Crescent with over 400 producing vertical and horizontal wells and
more than 145,000 contiguous net acres primarily located in Duchesne and Uinta