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Crescent Energy buys Uinta oil and gas assets in Utah

Crescent Energy Co. (CRGY) said Wednesday it agreed to pay $815 million in cash for Uinta Basin assets previously owned by EP Energy. Verdun Oil Company II LLC is the seller on the deal, which is expected to close in the first half of 2022. "The acquisition is consistent with Crescent's strategy to acquire high-value and accretive, cash flowing assets while maintaining financial strength," the company said. Crescent is acquiring more than 400 producing vertical and horizontal wells on more than 145,000 contiguous net acres, mostly located in the Utah counties of Duchesne and Uintah. Shares of Crescent Energy rose 1.9% in premarket trades.

-Steve Gelsi

 

(END) Dow Jones Newswires

02-16-22 0709ET

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