The Woodlands-based Earthstone Energy Inc. (NYSE: ESTE) has reached a $950 million deal that will boost its footprint in the Midland Basin portion of the Permian Basin by 69 percent.

Earthstone will acquire all of Sabalo Holdings LLC’s interests in Sabalo Energy LLC and Sabalo Energy Inc. in a cash-and-stock deal, according to a press release. Corpus Christi, Texas-based Sabalo is a portfolio company of Houston-based EnCap Investments LP. Earthstone will pay $650 million in cash and $300 million…

Houston Biz Journal
Woodlands-based E&P company buys Permian-focused co. for 0M