Magnolia Oil & Gas Corp. recently signed agreements to purchase WildFire Energy for approximately $4.06 billion, more than doubling its acreage in the Giddings Field in south Texas.
The purchase price includes WildFire’s debt and is subject to customary purchase price adjustments. The acquisition has been unanimously approved by Magnolia’s board of directors.
The acquisition adds approximately 810,000 net acres in Giddings, bringing Magnolia’s pro forma position in Giddings to more than 1.25 million net acres. Magnolia said this creates a premier position of concentrated scale and expands its high-quality resource development opportunities across the Austin Chalk, Eagle Ford and Woodbine formations.
“The acquisition of the WildFire oil and gas properties and acreage is a natural and strategic fit, and most notably, it makes our business better by extending our runway of advantaged profitability and significant free cash-flow generation,” said Chris
