PLANO, TX / ACCESSWIRE / November 17, 2023 / Eagle Energy Partners ("EEP" or the "Company"), today announced that it has taken a significant step towards the acquisition of Integrous Energy Partners GP, LLC ("IEP"). In a non-binding Letter of Intent (LOI) signed by both parties, the proposed acquisition outlines the key terms and conditions of the transaction.
Under the terms of the LOI, EEP or one of its wholly owned affiliates plans to acquire the substantial assets of IEP including interests in oil and gas leasehold rights located primarily in northern Montana's Williston Basin. The purchase will be conducted on a cash-free, debt-free basis, with the purchase price to be determined through an independent valuation.
"We are excited about the potential of this acquisition," said Jeremy A. Paul, CEO of Eagle Energy Partners. "This strategic acquisition will allow us to expand our presence in the energy sector while enhancing value to our stakeholders."
The LOI also outlines the conditions for the transaction, which include completing due diligence on the assets, execution of Definitive Agreements, obtaining regulatory approvals, and ensuring there are no significant adverse changes in the Company's condition.
Eagle Energy Partners is eager to advance the negotiation process and is targeting to close the transaction by December 31, 2023.
About Integrous Energy Partners GP, LLC
Integrous Energy Partners, GP LLC, ("IEP") headquartered in Austin, Texas, is an oil and gas E&P company owning certain assets in the Williston Basin (Montana). IEP's management team currently operates production properties and including optioned acreage, controls over 25,000 acres in a conventional production area with additional stacked unconventional pay zones including the Three Forks, Bakken, and others, providing upside for future development. Integrous' project focus has been on the "Nisku" formation and lower risk, conventional properties, having strong economics across a broad range of commodity prices. Integrous' expert team and affiliates have 60+ years experience in the Oil and Gas sector. More information may be found at www.integrousep.com.
About Eagle Energy Partners
Eagle Energy Partners is an independently owned oil and gas asset acquisition and management company with an extensive - and growing - portfolio of income-producing assets and developmental drilling inventory in Texas, Oklahoma, and the Gulf Coast Region. EEP's acquisition model focuses on proven producing fields with extensive infrastructure, existing wells for immediate cash flow, and upside through additional drilling, recompletion and/or reworks.
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SOURCE: Eagle Natural Resources, LLC