Privately held Fury Resources Inc. is acquiring publicly traded Permian Basin oil and gas producer Battalion Oil Corp. in a cash deal valued at about $450 million, the companies said Friday.

The transaction, slated to close in early 2024, would see Fury acquire all outstanding shares of common stock in Battalion, which operates in the Permian’s Delaware sub-basin.

“The acquisition of Battalion represents a return to the Delaware Basin for our team, which now includes Battalion’s former CEO Richard Little,” said Fury CEO Avi Mirman. “Our team has a strong understanding of the subsurface as well as the capital constraints that have previously hampered the company’s ability to exploit this asset. 

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