Independence Energy LLC and Contango Oil & Gas Co. agreed to combine on June 8 in an all-stock transaction set to create a consolidation machine for the upstream oil and gas industry.

Independence is an upstream oil and gas business built and managed by KKR’s Energy Real Assets team with a scaled portfolio of low-decline, producing assets across the Eagle Ford, Rockies, Permian and Midcontinent regions. Meanwhile, Contango, a Fort Worth, Texas-based independent oil and gas company, has positioned itself as a consolidator completing four significant acquisitions in the last 18 months.

The combined company, which will be headquartered in Houston, will become KKR’s primary platform for pursuing upstream oil and natural gas opportunities, according to a joint press release on June 8.

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