Earthstone Energy, a growth-oriented, independent energy company, agreed to acquire EnCap-backed Novo Oil & Gas, an oil and gas company, for $1.5bn. “Over the past few years, we strategically positioned the Company as a significant operator in the Permian Basin. In 2022, we materially advanced our consolidation strategy, closing three accretive acquisitions totaling ~$2bn, including two significant northern Delaware Basin asset acquisitions. I am pleased that we are continuing to further our consolidation strategy with today’s announcement of the Novo Acquisition as we further build our northern Delaware Basin asset base. With significant production volumes from the Novo Acquisition, we expect Earthstone’s near-term production levels to surpass 135k barrels of oil equivalent per day," Robert J. Anderson, Earthstone President and CEO.