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Crescent Energy to Buy Ridgemar Energy’s Eagle Ford Basin Assets for $905 Mln

Business & Policy
December 4, 2024

Dec 3 (Reuters) – Crescent Energy (CRGY.N) said on Tuesday it would acquire Carnelian Energy Capital-backed Ridgemar Energy’s assets in the Eagle Ford basin in Texas for a cash-and-stock deal of $905 million.

The deal, which is expected to close in the first quarter of 2025, also includes an additional payment of $170 million by Crescent contingent on future oil prices.

“With accelerated synergies captured from the integration of SilverBow and our recent bolt-on acquisition, our full team is ready and eager to add the Ridgemar assets to our core operating footprint in the Eagle Ford,” said Crescent CEO David Rockecharlie.

Reuters had reported in November that Carnelian Energy Capital was exploring a sale of Ridgemar.

Reporting by Seher Dareen in Bengaluru; Editing by Krishna Chandra Eluri