Tulsa’s Vital Energy Inc. just increased the scale of its operations in the Permian Basin with three separate acquisitions totaling thousands of acres in a deal worth $1.165 billion.
The acquisitions were in the Midland and Delaware basins and involved Vital Energy’s purchase from Henry Resources, LLC, Maple Energy Holdings, LLC and Tall City Property Holdings.
The Henry Resources deal involved 15,900 net acres in Midland, Reeves and upton Counties and should be closed in the fourth quarter of 2023. Some company shares of Preferred Stock are to be converted into shares of Common Stock as part of the agreement, but will have to be approved at the next annual meeting of stockholders in 2024.
Vital’s deal with Mample Energy involved 15,500 net aces in Reeves County or the Delaware Basin. It too is expected to close in the fourth quarter 2023.
The third acquisition included 21,450 net acres in Reeves County and $300 million cash. Like the others, the deal is expected to close in the fourth quarter of 2023.
