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Earthstone Closes $185.9 Million Acquisition of Warburg-backed Permian Operator Earthstone Energy completed its cash-and-stock acquisition of Independence Resources Management, a Midland Basin operator backed by Warburg Pincus, previously announced on Dec. 18. Hart Energy Staff Your browser does not support the audio element. Earthstone Energy Inc. said Jan. 7 it had completed the acquisition of Independence Resources Management LLC (IRM), a Midland Basin operator backed by Warburg Pincus LLC. The cash-and-stock transaction, valued at about $185.9 million, is expected to roughly double both Earthstone’s production and adjusted EBITDAX with minimal impact to leverage, said President and CEO Robert J. Anderson in a Dec. 18 release by The Woodlands, Texas-based company announcing the acquisition. ....