Woodlands-based energy company completes $182M acquisition
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Earthstone Energy, a Woodlands-based oil and gas company, has acquired rival Independent Resources Management for $182 million.
The deal, which closed this month, consisted of $131.2 million in cash and about 12.7 million shares of Earthstone stock valued at $50.8 million. Earthstone, which is traded on the New York Stock Exchange under the symbol ESTE, develops and operates oil and gas assets in the Midland Basin of West Texas and the Eagle Ford of South Texas.
“The added scale of this acquisition enhances our ability to deliver top tier operational and financial results with a heavy focus on generating low-cost, high margin production,” Earthstone CEO Robert Anderson said in a statement.