Birmingham-based Diversified Energy is acquiring Oklahoma-based Canvas Energy for $550 million.
“This purchase strengthens Diversified by further expanding our footprint in our Oklahoma operating area with targeted assets that are a perfect fit for increasing our scale, allowing for synergy capture and providing meaningful opportunities for margin enhancement, that ultimately will grow and bolster our cash flow,” says Diversified CEO Rusty Hutson Jr.
Hutson went on to say, “We look forward to growing our combined portfolio of high-quality assets.
Diversified is a publicly traded energy company that acquires, manages and optimizes energy assets, including natural gas and liquids production, transport, marketing and well retirement.
Canvas Oil is a private oil and natural gas exploration and production company with headquarters in Oklahoma City.
