Crescent Splashes Into Uinta With $815M Deal

摘要

Houston-based Crescent Energy plans to enter the Uinta Basin in Utah with the purchase of EnCap-backed Verdun Oil's footprint in the play for $815 million in cash.The assets previously belonged to EP Energy,which was acquired by private equity fi rm EnCap following the producer's emergence from bankruptcy last year.The eye-popping price tag was announced as activity has recovered in the Uinta amid higher commodity prices.Last week,Enverus said the play has added eight drilling rigs year over year,with 11 units now running.