Earthstone Energy’s $627 Million Acquisition of Titus Oil & Gas Production, LLC and Titus Oil & Gas Production II

Bracewell advised Titus Oil & Gas Production, LLC and Titus Oil & Gas Production II, LLC on the deal, while Haynes and Boone and Jones & Keller, P.C. advised Earthstone Energy.

Titus Oil & Gas Production, LLC, Titus Oil & Gas Production II, LLC and their affiliates announced their divestiture of New Mexico assets located in the northern Delaware Basin to Earthstone Energy, Inc. (NYSE:ESTE) for approximately $627 million. The aggregate purchase price consists of $575 million in cash and approximately 3.9 million shares of Earthstone’s Class A common stock valued at $52 million based on a closing share price of $13.51 on June 24, 2022. The deal is expected to close in the third quarter of 2022.

Earthstone Energy, Inc. is a growth-oriented independent energy company engaged in developing and operating oil and gas properties.

Titus Oil & Gas Production, LLC is a private exploration & production company operating in Delaware Basin. 

Jefferies LLC acted as exclusive financial advisor to Titus.

The Bracewell team included Molly E. Butkus (Picture), Charles H. Still Jr., Daniel E. Hemli, Timothy A. Wilkins, Don J. Lonzcak, John L. Stavinoha, Kate Barrington McGregor, Shannon Baldwin, Jay Harper and Michael A. Recchia.

The Haynes Boone deal team included Austin Elam, partner and Co-Chair of the Oil and Gas Practice Group; Partner Kim Mai; Associates Reem Abdelrazik, Camie Carlock McKee and Briana Hopes and Partners Michael Threet and Brandon McCoy. 

 

Involved fees earner: Shannon Baldwin – Bracewell LLP; Kate Barrington McGregor – Bracewell LLP; Molly Butkus – Bracewell LLP; Daniel Hemli – Bracewell LLP; Don Lonczak – Bracewell LLP; Michael Recchia – Bracewell LLP; John Stavinoha – Bracewell LLP; Charles Still – Bracewell LLP; Timothy Wilkins – Bracewell LLP; Reem Abdelrazik – Haynes and Boone; Camie Carlock McKee – Haynes and Boone; Austin Elam – Haynes and Boone; Briana Hopes – Haynes and Boone; Kim Mai – Haynes and Boone; Brandon McCoy – Haynes and Boone; Michael Threet – Haynes and Boone;

Law Firms: Bracewell LLP; Haynes and Boone;

Clients: Earthstone Energy Inc; Titus Oil & Gas Production, LLC;

Martina Bellini

Author: Martina Bellini