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XCL Sheds Uinta Basin Assets to SM Energy, NOG for $2.55B

Denver-based SM Energy Co. announced Thursday that it agreed to acquire the Uinta Basin oil and gas assets owned by entities affiliated with XCL Resources for $2.55 billion in cash. XCL is a Houston company funded by EnCap Investments and Rice Investment Group.

At the same time, Minnesota-based Northern Oil and Gas Inc. (NOG) will acquire a 20 percent stake in the oil and gas assets for $510 million, resulting in a net $2.04 billion purchase price for SM Energy. The company intends to be the operator of the assets.

Claire Poole

Claire Poole is a senior writer at The Texas Lawbook, where she covers corporate transactions.

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