#Verdun oil free

partners Jason Cruise and Lindsey Champlin and Washington, D.C. The antitrust team was led by Washington, D.C. Latham & Watkins advises EP Energy Corporation in the transaction with a corporate deal team led by Houston partners Stephen Szalkowski and John Greer, with Houston associates Greg Sorensen, Morgan Moore, Brian Bruzzo, Thomas Verity, Denny Lee, and Ziyad Barghouthy, and New York associate Jake Weiner.

The FTC ultimately granted conditional clearance of the transaction, with the purchaser agreeing to divest a portion of EP Energy’s assets post-closing. Latham assisted EP Energy in navigating and resolving this complex regulatory process, allowing EP Energy to close the transaction. The Federal Trade Commission (FTC) conducted a lengthy antitrust investigation of the transaction, including issuing a “Second Request” for information and documents. The US independent energy company holds a portfolio of assets in key proven basins across the lower 48 states.EP Energy has completed its sale to Verdun Oil Company II, LLC, a portfolio company of EnCap Investments, for approximately US$1.45 billion. The acquisition is part of the company’s strategy to acquire high-value and accretive, cash flowing assets. Subject to customary closing conditions including certain regulatory approvals, the all-cash deal is expected to be completed in the first half of 2022.Ĭrescent stated that the transaction will be funded with borrowings under the company’s revolving credit facility and cash on hand. The deal is anticipated to provide Crescent with a multi-year inventory of high value and oil-weighted development opportunities. The capital expected to be invested for this programme is between $225m and $275m. Upon the closing of the deal, Crescent intends to operate two rigs in the Uinta Basin for the remaining period of the year.

#Verdun oil free

“Importantly, this transaction maintains our commitment to financial strength and flexibility while adding meaningful scale to our low-decline production base, free cash flow and proven inventory of highly economic re-investment opportunity.”

They are a great addition to our existing Rockies footprint and align perfectly with our cash flow based strategy.

Uinta basin is estimated to hold a significant amount of resource across multiple stacked reservoirs, thereby offering long-term resource potential beyond the horizontal targets.Ĭrescent CEO David Rockecharlie said: “We are acquiring these assets at a compelling valuation. The transaction includes acquisition of more than 400 producing vertical and horizontal wells. Under the deal, Crescent will acquire over 145,000 contiguous net acres, primarily situated in Duchesne and Uintah counties. The assets were earlier owned by EP Energy. (Credit: Anita starzycka from Pixabay)Ĭrescent Energy has signed an agreement with Verdun Oil Company II to purchase Uinta basin assets in Utah, US, for $815m. The deal will allow Crescent to acquire over 145,000 contiguous net acres, primarily situated in Duchesne and Uintah countiesĬrescent Energy has agreed to acquire Uinta basin assets in US.