Crescent Energy to Acquire EP Energy Utah Assets for $815 Million

Crescent Energy will acquire the Uinta Basin assets, previously owned by EP Energy, in an all-cash transaction from Verdun Oil, an EnCap-backed firm.

Crescent Energy to Acquire EP Energy Utah Assets for $815 Million

Crescent Energy formed in December through the all-stock combination of Contango Oil & Gas with a KKR-backed team. (Source: Hart Energy/Shutterstock.com)

Crescent Energy Co. agreed on Feb. 16 to acquire Uinta Basin assets in Utah previously owned by EP Energy for $815 million, according to a release from the Houston-based company.

“We are acquiring these assets at a compelling valuation,” Crescent CEO David Rockecharlie commented in a company release.

Crescent Energy formed in December through the all-stock combination of Contango Oil & Gas with a KKR-backed team. The company, which remains partnered with KKR, currently operates a portfolio of assets across the Lower 48 with Contango as its operating subsidiary.

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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.