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Earthstone Acquires Novo with a Buy-In by Northern O&G

In a buy-sell transaction, Earthstone Energy announced Thursday that it is acquiring privately held Novo Oil & Gas Holdings for $1.5 billion; it then sold working interests to Northern Oil & Gas (NOG) equal in value to a one-third interest in the deal for $500 million.

Truist Securities Inc. acted as the exclusive financial advisor to Earthstone. Raymond James & Associates Inc. served as financial advisor for and provided a fairness opinion to Earthstone’s conflicts committee.

Allen Pusey

Allen Pusey is a senior editor and writer at The Texas Lawbook.

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