Magnolia Oil & Gas has entered an agreement to purchase certain assets in South Texas from Harvest Oil & Gas for $191m.
Magnolia will pay $135m in cash and $56m through the issuance of 4.2 million class A common stock, as per the terms of the agreement.
The deal is expected to provide an undivided working interest for the company’s existing Karnes County and Giddings Field assets.
Magnolia is expected to add 15 net locations to its core Karnes County properties and 114,000 net acres to its Giddings Field properties, following the transaction.
Magnolia is an operator of an exploration and development company, while Harvest Oil & Gas owns and operates various producing oil and gas properties in the US.
Both companies are based in the US...