Diversified Energy Co. plc will continue its Lower 48 expansion, this time into the Midcontinent, through an acquisition of natural gas-weighted Oklahoma assets from Tapstone Energy Holdings LLC.


Diversified, in partnership with Oaktree Capital Management LP, has entered into conditional agreements to acquire upstream assets, field infrastructure, equipment and facilities in Oklahoma from Tapstone for total gross consideration of $419 million. Oaktree would acquire a 48.75% non-operated working interest in the assets for $192 million, with Diversified holding a 51.25% operated interest.

Formerly an Appalachian Basin pure-play, Diversified this year expanded into the Haynesville and Barnett shales through acquisitions from Indigo Minerals LLC and Blackbeard Operating LLC,...