Earthstone Energy Announces Expiration of Waiting Period for Acquisition Agreement with Permian Resources

Earthstone Energy, Inc. has recently announced a significant milestone in its acquisition agreement with Permian Resources Corporation. The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired, bringing the companies closer to completing the transaction.

The waiting period officially ended at 11:59 p.m. EDT on October 2, 2023, fulfilling one of the conditions necessary for the closing of the pending acquisition. The completion of the transaction is still subject to the satisfaction of customary closing conditions, including approval by Earthstone stockholders. A special meeting has been scheduled for October 30, 2023, where Earthstone stockholders will vote on the proposed acquisition. Following the meeting, the transaction is expected to close shortly thereafter.

Earthstone Energy, Inc. is a growth-oriented, independent energy company focused on the acquisition, development, and operation of oil and natural gas properties. Its primary assets are located in the Permian Basin of west Texas and New Mexico. The company is listed on the New York Stock Exchange under the symbol “ESTE.”

This acquisition agreement between Earthstone Energy and Permian Resources Corporation represents a strategic move to enhance both companies’ positions in the energy sector. Permian Resources, a prominent player in the industry, will acquire all outstanding shares of Earthstone at an exchange ratio of 1.446 shares of Permian Resources for each Earthstone share.

Both Earthstone and Permian Resources have filed relevant documents with the U.S. Securities and Exchange Commission (SEC) regarding the transaction. Investors and security holders are encouraged to review these documents, including the joint proxy statement/prospectus, for a comprehensive understanding of the transaction and related matters.

The completion of this acquisition will bring together the strengths and expertise of Earthstone Energy and Permian Resources, creating new opportunities for growth and development in the oil and natural gas sector. As the transaction progresses, both companies remain committed to providing value to their stakeholders and contributing to the energy industry’s continued success.

For more information about Earthstone Energy, Inc., please visit their website at www.earthstoneenergy.com.