Source: HartEnergy.com

A&D DEAL SHEET

Sector  Date
Announced
 Buyer  Seller  Value
(US$MM)
 Comments
E&P 9/6/22 EQT Corp. Tug Hill Inc.; XcL Midstream LLC; Quantum Energy Partners $5,200

To acquire THQ Appalachia I LLC (Tug Hill)'s upstream assets and THQ-XcL Holdings I LLC (XcL Midstream)'s gathering and processing assets, both backed by Quantum Energy Partners, in the Appalachian Basin offsetting existing West Virginia core leasehold. (Expected to close 4Q 2022)

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E&P 9/6/22 North Peak Oil & Gas LLC; Juniper Capital; Boomtown Oil & Gas Longs Peak Resources LLC; North Silo Resources N/A

Acquired North Silo Resources and Longs Peak Resources, two existing Juniper portfolio entities in the Northern D-J Basin that were also jointly owned by Boomtown, plus assets from a private oil and gas company that were complimentary, forming North Peak.

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E&P 9/6/22 Sitio Royalties Corp. Brigham Minerals Inc. $4,800

To acquire in an all-stock merger; combined company will consist of a total of 259,510 net royalty acres in the Permian Basin and other oil-focused regions.

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Mid 9/8/22 Williams Cos. Inc. NorTex Midstream; Tailwater Capital $423

Bought NorTex Midstream, a fully contracted natural gas pipeline and storage asset in North Texas backed by Tailwater Capital.

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Mid 9/12/22 Antero Midstream Corp. Crestwood Equity Partners LP $205

To purchase Crestwood’s Marcellus natural gas gathering and compression assets are located in the Appalachian Basin in Doddridge and Harrison Cos, WV; includes 72 miles of dry gas gathering pipelines and nine compressor stations with roughly 700 MMcf/d of compression capacity. (Expected to close 4Q 2022)

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Renew 9/12/22 CIM Group MAS Energy LLC N/A

Acquired 100% of the renewable natural gas (RNG) development platform of MAS Energy, which will be renamed Terreva Renewables.

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E&P 9/12/22 Tamarack Valley Energy Ltd. Deltastream Energy Corp.; ARC Financial Corp. CA$1,425

To buy privately held pure-play Clearwater oil producer, Deltastream, which is backed by ARC Financial. (Expected to close October)

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E&P 9/12/22 Topaz Energy Corp. Deltastream Energy Corp. $265.3

To purchase a newly created 5% gross overriding royalty on all current and future oil production from Deltastream’s entire Clearwater acreage. (Expected to close Sept. 29)

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E&P 9/13/22 U.S. Energy Development Corp. Undisclosed $60

Acquired three separate asset packages in the core of the Delaware Basin in the Permian region that includes partnering with operators in 17 new wells spanning a three-county area.

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Renew 9/14/22 Enverus RatedPower N/A

Purchased the Madrid-based company helps companies in the solar industry through use of automatization and optimization as well as digital technologies and analysis.

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E&P 9/15/22 SilverBow Resources Inc. Undisclosed $50

Purchased through a series of transactions a 7,500 net-acre position in the dry gas Dorado play in Webb County, TX, with over 50 net drilling locations across the Austin Chalk and Eagle Ford formations; net recoverable resource is 650 Bcf and current net production is about 30 MMcf/d.

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Mid 9/19/22 Steel Reef Infrastructure Corp. Summit Midstream Partners LP $40

Purchased the Bison Gas gathering system, located in Mountrail and Burke Cos., ND, serving Bakken and Three Forks gas producers in the Williston Basin.

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Mid 9/22/22 Momentum Midstream LLC; EnCap Flatrock Midstream Midcoast Energy LLC; ArcLight Capital Partners LLC; Align Midstream LLC; Tailwater Capital LLC N/A

Bought Midcoast’s E TX business, a gathering and transportation system with 1.5 Bcf/d of current volume, and Align Midstream, which owns several gathering systems adjacent to Midcoast with current volumes of 600 MMcf/d.

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E&P 9/22/22 Talos Energy Inc. EnVen Energy Corp. $1,100

To acquire private operator EnVen, which holds 78 MMboe of 2P reserves and 420,000 gross acres in the Gulf of Mexico.

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E&P 9/26/22 Decarbonization Plus Acquisition Corp.; Riverstone Holdings LLC Hammerhead Resources Inc.; Riverstone Holdings LLC CA$1,390

To acquire Hammerhead, a Calgary, Alberta-based Montney Shale producer with a CCS program under development, in a business combination transaction that values it at CA$1.39 billion. (Expected to close 1Q 2023)

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Mid 9/27/22 Undisclosed Kinder Morgan Inc. $565

To buy a 25.5% equity interest in Elba Liquefaction Co. LLC, which is a JV that owns the Elba liquefaction facility located on Elba Island in Chatham County, GA.

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E&P 9/28/22 Devon Energy Corp. Validus Energy $1,800

Bought privately held Validus Energy with a position of 42,000 net acres in the core of the Karnes County oil window in South Texas adjacent to Devon’s existing leasehold; average production is 35,000 boe/d. (Completed; PSA announced August 2022)

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E&P 9/28/22 Diversified Energy Co. Plc ConocoPhillips Co. $240

Purchase OK and TX assets within the Midcontinent region comprising interest in roughly 1,500 producing wells across 250,000 net acres with 60% operated production; net production is about 9,000 boe/d (90% natural gas and NGL). (Completed; PSA previously announced July 2022)

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Mid 9/29/22 DT Midstream Inc. National Grid Plc $552

To buy National Grid’s 26.25% ownership interest in the Millennium Pipeline, boosting its ownership in Millennium which delivers Marcellus and Utica gas to markets across NY and New England to 52.5%. (Expected to close 4Q 2022)

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Renew 9/29/22 Enbridge Inc. Tri Global Energy LLC $320

Bought Dallas-based TGE, a leading US renewable project developer with a development portfolio of wind and solar projects representing more than 7 GW of renewable generation capacity; includes up to $50 million in contingency payments tied to successful execution of TGE’s project portfolio.

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E&P 9/30/22 Northern Oil and Gas Inc. Alpha Energy Partners $157.5

To buy certain nonoperated working interests in the core of the Delaware Basin comprised of 2,800 acres, 9.6 net producing wells, 2.8 net AFEs and wells-in-process in Lea and Eddy Cos., NM, and Loving County, TX.

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E&P 10/3/22 SilverBow Resources Inc. Undisclosed $87

To acquire bolt-on to Karnes trough position in the Eagle Ford and Austin Chalk adding 5,200 net acres in the oil and condensate windows of Dewitt and Gonzales Cos., TX, and about 1,100 boe/d (44% oil) of net production. (Expected to close 4Q 2022)

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For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.