StockMarketWire.com - Diversified Energy said it had entered into conditional agreements to acquire certain upstream assets from Tapstone Energy for $419 million.

The company will acquire about 660 operated producing wells located in Oklahoma within the broader Mid-Continent producing area.

Under the previously announced agreement, funds managed by Oaktree Capital Management, will make an investment in the acquisition to acquire 48.75% stake in the assets.

This acquisition, which represents the third co-investment with Oaktree since May of this year, is strategically aligned with the company's prior central region acquisitions, which included Tanos Energy, Blackbeard Operating LLC and Indigo Minerals LLC.

'With a net purchase price of less than two times net cash flow, this acquisition represents another highly accretive, fully balance sheet-financed acquisition that further demonstrates our status as a capable consolidator of producing assets within the Central Region,' the company said.






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