Crescent Energy Company entered into a definitive purchase agreement to acquire Oil Assets in Uinta Basin from Verdun Oil Company II LLC for approximately $820 million.

Crescent Energy Company (NYSE:CRGY) entered into a membership interest purchase agreement to acquire Oil Assets in Uinta Basin from Verdun Oil Company II LLC for approximately $820 million on February 15, 2022. Upon closing of the Purchase Agreement, Seller will receive aggregate consideration of approximately $815 million in cash and the assumption of certain hedges, subject to certain customary purchase price adjustments set forth in the Purchase Agreement. The transaction will be funded through the company's revolving credit facility and cash on hand.

The transaction is subject to customary closing conditions, including certain regulatory approvals, approval by the US Federal Trade Commission of the Transaction or the expiration or termination of any applicable waiting period under the HSR Act and is expected to close in the first half of 2022. David Castro Jr., Chris Heasley, Kyle Watson, Chris Heasley, Chuck Boyars, Ian John, Lucas Spivey, Kyle M. Watson, Jordan Roberts, Jordan Silverman, Catharine Hansard, Skyler Sikes, Sam Roberts, Clayton P. Hart,Carl E. Stenberg, Robbie Dillard, Jaime Madell, Matt Pacey, Anne Peetz, David Wheat, Jim Dolphin, Alexandra Mihalas, R.D. Kohut and Madeline Klebanov of Kirkland & Ellis LLP acted as legal advisor to Crescent. Bryan Loocke of Vinson & Elkins LLP acted as legal advisor to Verdun.