Vital Energy Inc. of Tulsa wrapped up its $215 million acquisition this week of assets in the southern Midland basin of Texas.
The company, formerly known as Laredo Petroleum Inc. finalized its purchase of 16,500 gross acres from Driftwood Energy Operating LLC. Under the deal, Driftwood received nearly 1.58 million shares of Vital common stock and $127.6 million of cash for a total consideration of $215 million.
A filing with the Securities and Exchange Commission stated the deal was sealed on Monday. The acquisition extended Vital Energy’s oil-weighted inventory with an added estimated 30 gross operated horizontal locations in the Wolfcamp B including four gross drilled but uncompleted locations.