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Diversified Energy (OTCQX:DEC) said Wednesday it agreed to acquire east Texas natural gas properties and related facilities from Crescent Pass Energy in an all-stock deal valued at ~$106M.
Diversified Energy (OTCQX:DEC) said the assets include 827 net operated PDP wells that are expected to add 38M cfe/day of production and 170B cfe reserves with a PV-10 of $155M.
The company said the production profile of the assets is highly complementary to its existing portfolio and operational strategy, with low annual production declines.
The assets also include more than 500 miles of owned pipelines and associated compression facilities and feature additional undeveloped acreage, the company said.
“The target assets are a perfect fit with our existing east Texas operations and offer meaningful opportunities for cost efficiencies,” CEO Rusty Hutson said.