June 28, 2022, 9:02 a.m. EDT

Earthstone Energy shares rise on deal to expand in Northern Delaware Basin

Earthstone Energy Inc. (NYS:ESTE) shares rose 5.5% in premarket trades on Tuesday afer the company said it would grow its presence in the Northern Delaware basin in New Mexico by acquiring assets of private equity-backed Titus Oil & Gas Production LLC and Titus Oil & Gas Production II LLC for $627 million. NGP Energy Capital Management LLC backs Titus. The deal includes $575 million in cash and $52 million in common stock. The deal is expected to boost Earthstone's production by 18,000-23,000 Boepd (65% oil) in the fourth quarter, the company said.

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