Earthstone, NOG Close $1.5B Acquisition of Novo Assets

Earthstone Energy Inc. closed on the acquisition of northern Delaware Basin assets owned by Novo Oil & Gas Holdings LLC for $1 billion, according to an Aug. 15 press release. The deal was made jointly with Northern Oil & Gas, which bought a third of the assets on a non-operated basis for $500 million.

In connection with the transaction, NOG and Earthstone entered into cooperation and joint operating agreements, which include a multi-year development plan for the Novo assets, the company said in a separate press release.

At closing, NOG paid $468.4 million in cash, funded in part by a $37.5 million deposit paid at signing in June 2023.