Earthstone Energy has agreed to acquire all outstanding membership interests of Bold Energy III from EnCap Investments.
Bold Energy’s assets include approximately 21,000 net acres in Reagan, Upton, Midland Glasscock, Howard and Martin counties in the US. The company currently produces approximately 2,320 barrels of oil equivalent a day (boed) from 18 gross horizontal wells.
Upon completion of the transaction, the existing stockholders of Earthstone and Bold Energy will respectively hold 39% and 61% interests in the combined company.
Scheduled for completion in the first quarter of 2017, the acquisition will allow Earthstone to fortify its business operations.
Beijing Gas Group Company has entered a purchase and sale agreement (PSA) and a shareholder and operating agreement with Rosneft Oil Company to acquire a 20% stake in Verkhnechonskneftegaz.
Verkhnechonskneftegaz operates the Verkhnechonskoe oil and gas condensate field located in the Katangsky district of the Irkutsk Region. The field currently produces at a rate of approximately 8.5 million metric tonnes per annum.
Upon completion of the transaction, the field will be owned by Rosneft (79.94%) and Beijing Gas Group (20%).
The acquisition will enable Beijing Gas to expand its oil and gas asset portfolio.