UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION (BASIS OF PRESENTATION DESCRIBED IN NOTE 1)Securities Purchase Agreement • June 27th, 2023 • Earthstone Energy Inc • Crude petroleum & natural gas
On June 14, 2023, Earthstone Energy Holdings, LLC (“EEH”), a subsidiary of Earthstone Energy, Inc. (“Earthstone”), entered into (i) a Securities Purchase Agreement (the “Agreement”) with Novo Oil & Gas Legacy Holdings, LLC, Novo Intermediate, LLC and Novo Oil & Gas Holdings, LLC (“Novo”), pursuant to which EEH will acquire 100% of the issued and outstanding equity interests of Novo (the “Novo Acquisition”) and (ii) an Acquisition and Cooperation Agreement with Northern Oil and Gas, Inc. (“NOG”), pursuant to which NOG has agreed to acquire, immediately after the closing of the Acquisition, an undivided one-third interest in Novo’s oil and gas and related assets acquired in the Novo Acquisition for $0.5 billion, resulting in a $1.0 billion purchase price net to Earthstone for the retained two-thirds interest acquired pursuant to the Purchase Agreement (together with the Novo Acquisition, the “Novo Transactions”). The effective date of the Novo Transactions is May 1, 2023. Consideration a
