Earthstone Energy Inc. on April 1 announced a multimillion-dollar Midland Basin acquisition as the small-cap, oil and gas producer looks to grow its position in the prolific Permian Basin.

In a release by The Woodlands, Texas-based company, Earthstone said it had entered into definitive agreements to acquire privately held operated assets located in the Midland Basin from Tracker Resource Development III LLC and affiliates of Sequel Energy Group LLC. The transaction follow the closing in January of Earthstone’s acquisition of Independence Resource Management LLC (IRM), a fellow Permian producer backed by Warburg Pincus.

“This acquisition, on the heels of closing the IRM acquisition in early January, is a complementary next step in what we view as continued progress of our consolidation strategy,” Robert J. Anderson, president and CEO of Earthstone, said in a statement in the April 1 release.

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