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Diversified to acquire Cotton Valley assets from Indigo Minerals

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Diversified Gas & Oil PLC has agreed to acquire certain Cotton Valley upstream assets and related infrastructure primarily in Louisiana from Indigo Minerals LLC for $135 million (gross).

The deal is a first for Diversified’s new central regional focus area where it expects to replicate its Appalachia region business.

Diversified signed a purchase and sale agreement to acquire some 780 net operated wells producing 16,000 boe/d (95 MMcfed) in the Cotton Valley/Haynesville producing area of northwest Louisiana and east Texas. The deal will add some 50 MMboe (305 bcfe) in PDP reserves, the company said in a release Apr. 30.

The deal is expected to close later this month following customary diligence, reviews, and approvals.

As part of its first quarter report, Diversified detailed average net daily production of 102,000 boe/d (612 MMcfed) comprising 73% conventional (75,000 boe/d; 448 MMcfed) and 27% unconventional (27,000 boe/d; 164 MMcfed). Adjusted average net daily production was 105,000 boe/d.

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