Published: January 8, 2021 |

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Earthstone Energy has completed the previously reported acquisition of Independence Resources Management (IRM). The aggregate purchase price for the acquisition was approximately $182.0 million, consisting of $131.2 million in cash consideration and approximately 12.7 million shares of Earthstone’s Class A common stock valued at $50.8 million.

“We are pleased to be able to begin 2021 with the completion of this significant acquisition and would like to thank the team at IRM for working with us to close this transaction just three weeks after announcement,” said Robert J. Anderson, president and CEO of Earthstone.

The added scale of this acquisition enhances our ability to deliver top tier operational and financial results with a heavy focus on generating low-cost, high margin production. We remain committed to financial discipline while continuing to seek further increases to our scale with high-quality accretive acquisitions,” added Anderson.

In connection with closing, the Earthstone board of directors has expanded to nine members with the appointment of David S. Habachy. Habachy has been a managing director on the Energy team of Warburg Pincus since 2017. 

About Earthstone Energy
Earthstone Energy, Inc. is a growth-oriented, independent energy company engaged in the development and operation of oil and natural gas properties. Its primary assets are located in the Midland Basin of west Texas and the Eagle Ford Trend of south Texas.

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