Earthstone Energy Inc. is continuing its Permian Basin acquisition spree with plans to purchase the assets of privately held Titus Oil & Gas Production LLC in the New Mexico portion of the Permian Basin in a $627 million cash-and-stock deal.


Located in the northern portion of the Delaware sub-basin, the assets produced 31,800 boe/d (65% oil, 83% liquids) on a net basis during June.

The deal follows Earthstone’s recent $860 million purchase of Bighorn Permian Resources LLC and its $604 million acquisition of Chisolm Energy Holdings LLC.

Following the Titus deal, expected to close in the third quarter, Earthstone expects its fourth-quarter net production to rise by 18,000-23,000 boe/d (65% oil).

“The Titus Acquisition continues our path of building scale in the Permian...