Diamondback Energy acquired ExL Petroleum & EnergyQuest II, LLC for $312.5 million cash (aggregate, two agreements), a transaction completed in October 2018, structured as all cash.
ExL Petroleum & EnergyQuest II, LLC operates in Northern Midland Basin oil & gas exploration & production, is based in Northwest Martin & Northeast Andrews counties, Northern Midland Basin. Under two definitive purchase agreements, Diamondback acquired leasehold and related assets from ExL Petroleum Management/ExL Petroleum Operating and from EnergyQuest II, together about 3,646 net leasehold acres and ~3,500 boe/d of production in Northwest Martin and Northeast Andrews counties of the Northern Midland Basin, for an aggregate $312.5 million in cash.
Tack-on acreage acquisitions closed the same day as the Ajax deal to consolidate the Northern Midland Basin position.
~3,646 net acres and ~3,500 boe/d bolted onto the core position. Absorbed into Diamondback's Midland Basin operations
Advisory firms were not disclosed for this transaction.