Earthstone Energy acquires Midland Basin assets
Transactions - NOVEMBER 4, 2021

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Earthstone Energy acquires Midland Basin assets

by Kali Persall

Earthstone Energy, Inc. has paid $73.2 million for privately held operated assets located in the Midland Basin from Foreland Investments and BCC-Foreland. A purchase price was not disclosed.

The low-decline, high-margin producing assets acquired are expected to add some 4,000 Boepd (17 percent oil, 47 percent liquids) to Earthstone’s daily production, from the closing date through the end of 2021.

“We are pleased to have closed the Foreland acquisition, which is our fourth acquisition this year, as we continue our efforts to advance our consolidation strategy, having approximately doubled our daily production rate this year,” said Robert Anderson, president and CEO of Earthstone. “We expect to create value from operational synergies with our nearby existing assets and look forward to applying our operating approach in order to reduce costs and maximize production and cash flows.”

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