Petroleum company Diversified Energy announced Friday it has finalized the $106 million acquisition of natural gas assets in eastern Texas from Crescent Pass Energy LLC, significantly expanding its presence in the central U.S.
Diversified Energy completes acquisition of natural gas Assets : Expanded Footprint in Central U.S.
Diversified Energy Co. PLC, which is listed on the London and New York stock exchanges, completed the transaction by paying $71 million in cash, funded through a bank loan, and by issuing approximately 5% of its own shares to Crescent Pass Energy as part of the deal. This acquisition of natural gas assets strengthens Diversified Energy’s strategic position, following its ongoing expansion in the region.
The assets involved in the transaction include 827 active wells, more than 500 miles of pipelines, associated compression facilities, and additional undeveloped land, which are located near Diversified’s previously acquired East Texas wells. The company first agreed to acquire these assets in July.
Diversified Energy completes acquisition of natural gas Assets : Legal Counsel and Strategic Outlook
Cliff Vrielink and John Brannan from Sidley Austin LLP, along with Rahul Vashi and Graham Valenta from Gibson Dunn & Crutcher LLP, provided legal counsel to Diversified Energy during the acquisition process.
