Crescent Energy will Spend $815 Million to Buy over 400 Oil-Producing Wells in the Uinta Basin on 145,000 Contiguous Acres

David Politis

Feb 23, 2022 1 min read

Crescent Energy will Spend $815 Million to Buy over 400 Oil-Producing Wells in the Uinta Basin on 145,000 Contiguous Acres

Houston, Texas-based Crescent Energy Co. (NYSE:CRGY) has announced it will purchase 145,000 contiguous Uinta Basin acres of oil-producing assets from Verdun Oil Company II LLC for $815 million in cash.

According to the news release announcing the transaction, the land Crescent is acquiring is located primarily in Utah's Duchesne and Uintah counties, and it currently contains over 400 producing vertical and horizontal oil wells.

Historically, over 1,800 wells have been drilled on the land.

*Map highlighting (in blue) over 145,000 acres of oil-producing land being acquired by **Crescent Energy**. Image captured from the **Crescent** Investor Presentation 22 February 2022.*

Crescent describes itself as

"... a well-capitalized, U.S. independent energy company with a portfolio of assets in key proven basins across the lower 48 states."

According to Crescent, the acquisition is expected to be completed before July 1, 2022.

News

David Politis

The former Publisher & Editorial Director of Silicon Slopes, David is VP of Communications for Xenter, a “TechMed” firm using digital apps, AI, ICs, & medical devices to transform healthcare outcomes.