Diversified Energy Co. Plc recently announced a cash acquisition of Oklahoma City-based Tapstone Energy LLC, representing Diversified’s fourth deal in what the company has dubbed its new central regional focus area.
Founded in late 2013 by industry veteran Tom Ward, Tapstone Energy focuses in the Anadarko Basin of the Midcontinent region. The independent oil and gas producer recently completed a successful restructuring process whereby a new capital sponsor, Kennedy Lewis Investment Management, had selected Tapstone to be their key E&P platform.
According to a company release, Diversified agreed to acquire upstream assets, field infrastructure, equipment and facilities in Oklahoma from Tapstone and an affiliate of Kennedy Lewis Investment Management for $419 million in cash. Private equity group Oaktree Capital Management LP will pay $192 million for an initial 48.75% stake as part of the deal.