The oil and gas M&A boom is in full swing, with Earthstone Energy (NYSE: ESTE) recently having announced it was acquiring Novo Oil & Gas Holdings LLC, a Delaware operator backed by private equity firm Encap, for $1.5B. Northern Oil & Gas (NYSE: NOG) is acquiring a 33% working interest in the asset for $500MM, resulting in a net effective purchase price of $1B for Earthstone, as can be seen below:
what a great acquisition! I think that we're still waiting for the consolidation to continue, wondering when the public market will exhaust all of the private equity deal and start looking at the small cap E&P.
Short interest in VTLE is 23.78%. Mere whispers of acquiring interests should be enough to initiate some decent short covering, I would think.
what a great acquisition! I think that we're still waiting for the consolidation to continue, wondering when the public market will exhaust all of the private equity deal and start looking at the small cap E&P.