Oil & Gas Acquisitions in Oklahoma

Crescent Energy Company (NYSE: CRGY) completed its previously announced all-stock acquisition of Vital Energy, Inc. (NYSE: VTLE), creating a larger, liquids-weighted independent E&P company. The deal is intended to enhance Crescent's free cash flow profile, operational scale and strategic opportunities while delivering identified synergies and governance updates.

Gladstone Investment Corporation, alongside independent sponsor Xyresic Capital, has acquired Rowan Energy, Inc., a U.S. oil-and-gas services company based in Oklahoma City. Gladstone provided senior secured debt and the majority of the equity to complete the transaction; the investment is intended to support Rowan's growth and value-creation initiatives in frac sand filtration, completion-equipment deployment, and field-operations support.

South Wind Exploration & Production, a newly formed Oklahoma City-based oil and gas E&P, received over $400 million of equity commitments from Kayne Private Energy Income Fund III (managed by Kayne Anderson Capital Advisors) and members of South Wind’s management team. The capital will be used to acquire and operate large, producing onshore U.S. oil and gas assets under a leadership team of industry veterans including Co-CEOs Tyler Bolton and Greg Boxer.

NOV (National Oilwell Varco) has acquired Extract Companies, LLC, a Tulsa-based provider of artificial lift systems and ESP services, from Riata Capital Group. Under Riata's ownership Extract grew from under $10M to roughly $250M in revenue across nine facilities; terms were not disclosed and NOV said the acquisition will expand its artificial lift capabilities and customer service footprint.

RPC, Inc. (NYSE: RES) acquired Spinnaker Oilwell Services, LLC, a provider of oilfield cementing services headquartered in Oklahoma City, effective July 1, 2023, for $79.5 million in total consideration. The purchase expands RPC's cementing capabilities and geographic footprint into the Permian and Mid-Continent basins, where Spinnaker operates two facilities and 18 full-service cementing spreads.

SP Investor Holdings LLC, a vehicle jointly owned by OPTrust and Partners Group, acquired Unit Corporation's 50% interest in Superior Pipeline Company, resulting in SP Investor owning 100% of the business and rebranding it as Superior Midstream, LLC. The move consolidates ownership under the SP Investor group and positions the company to grow its natural gas gathering, processing, compression, and dehydration services.

Empire Petroleum Corporation said Energy Evolution Master Fund, Ltd. converted the remaining $5.77 million of principal and accrued interest on a Senior Secured Convertible Note into 4,616,343 common shares, eliminating the associated debt and annual interest expense. The conversion reduces Empire's long-term institutional debt and strengthens its balance sheet, leaving only a $7.1 million loan from CrossFirst Bank.

Dallas-based Energy Transfer LP completed its previously announced merger to acquire Oklahoma City-based Enable Midstream Partners, consolidating Enable’s gathering, processing, transportation and storage assets into Energy Transfer’s midstream network. The transaction, effective December 3, 2021, adds substantial fee-based cash flows and geographic footprint (Anadarko, Arkoma and Haynesville basins) and is expected to generate more than $100 million of annual run-rate synergies.

Diversified Energy Co. Plc agreed to acquire upstream assets, field infrastructure and facilities in Oklahoma from Tapstone Energy LLC and an affiliate of Kennedy Lewis Investment Management for $419 million in cash. Oaktree Capital Management will co-invest, taking a non‑operated working interest (paying $192 million for ~48.75%); the deal adds ~660 net operated wells and ~12,000 boe/d of production to Diversified's central region footprint.

Presidio Investment Holdings LLC (Presidio Petroleum), a portfolio company majority-owned by Morgan Stanley Energy Partners, completed the acquisition of substantially all oil and natural gas producing properties of Templar Energy LLC and certain affiliates in the Anadarko Basin. The transaction expands Presidio’s operations from the western Anadarko Basin into the STACK play of central Oklahoma and represents an add-on to the company’s existing portfolio following MSEP's investment.