Diversified Energy Co. plc said Thursday it is acquiring about 1,500 producing Midcontinent wells from ConocoPhillips.

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The $240 million Anadarko Basin bolt-on, funded with existing cash and debt, would expand Diversified’s Oklahoma and Texas footprint in the company’s Central Region. The former Appalachian Basin pure play also holds assets in the gassy Barnett and Haynesville shales. 

“Building on our success in Appalachia, we are excited to increase our holdings within the Central Region that position us to drive greater synergies and unlock additional shareholder value through scale,” said Diversified CEO Rusty Hutson Jr. 

Management said it would operate about 60% of the new wells’ net production of 9,000 boe/d (71% gas-weighted) across 250,000 net...