StockMarketWire.com - Energy company Diversified Energy Company completed the previously announced purchase of certain upstream assets and related infrastructure within its central regional focus area from Blackbeard, for about $166 million.

'Similar to our nearby and recently closed acquisition of Indigo assets in the Cotton Valley area, the Barnett area provides access to a portfolio of future consolidation opportunities which meet our preferred asset criteria and afford us the opportunity to build scale and operating efficiencies,' the company said.

'These mature Barnett wells further expand our base of low-decline production and Smarter Asset Management opportunities,' it added.

The company funded the acquisition through a combination cash on hand, including funds from its recent issuance of equity shares in May, and existing availability its revolving credit facility.


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