Vital Energy, Inc.: M&A transaction — Vital Energy acquires additional Permian working interests for $55M; adds ~1,400 BOE/d

Vital Energy, Inc.

Consideration of ~$55M paid with 627K shares of common and 595K shares of 2.0% mandatorily convertible preferred stock.
Increases working interest in 45 wells by avg 24%, adding ~1,400 BOE/d (57% oil) to estimated 2024 production.
Expected to increase Vital Energy's 2024 Free Cash Flow by ~$20M, furthering deleveraging goals.
Transaction resulted from exercise of tag-along rights by Granite Ridge parties related to prior Henry acquisition.
Closed December 21, 2023; shares issued at $54.96 per common share.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Vital Energy, Inc. completed an acquisition involving Tall City Property Holdings III LLC and Tall City Operations III LLC (closed 2023-11-06).

Action: acquisition
Counterparty: Tall City Property Holdings III LLC and Tall City Operations III LLC
Closing: 2023-11-06

Exact text from the filing

on November 6, 2023, the Company completed the acquisition of oil and gas properties from Tall City Property Holdings III LLC and Tall City Operations III LLC

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Vital Energy, Inc. completed an acquisition involving Maple Energy Holdings, LLC (closed 2023-10-31).

Action: acquisition
Counterparty: Maple Energy Holdings, LLC
Closing: 2023-10-31

Exact text from the filing

on October 31, 2023, Vital Energy, Inc. (the “Company”) completed the acquisition of oil and gas properties from Maple Energy Holdings, LLC (“Maple”)

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Vital Energy, Inc. completed an acquisition involving Granite Ridge Holdings LLC, GREP IV-A Permian, LLC and GREP IV-B Permian, LLC (closed 2023-12-21).

Action: acquisition
Counterparty: Granite Ridge Holdings LLC, GREP IV-A Permian, LLC and GREP IV-B Permian, LLC
Closing: 2023-12-21

Exact text from the filing

On December 21, 2023, the Company consummated the GR Acquisition.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Vital Energy, Inc. completed an acquisition involving Henry Resources, LLC, Henry Energy LP and Moriah Henry Partners LLC (closed 2023-11-05).

Action: acquisition
Counterparty: Henry Resources, LLC, Henry Energy LP and Moriah Henry Partners LLC
Closing: 2023-11-05

Exact text from the filing

on November 5, 2023 the Company completed the acquisition of oil and gas properties (the “Henry Acquisition”) from Henry Resources, LLC, Henry Energy LP and Moriah Henry Partners LLC (collectively, “Henry”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Vital Energy, Inc. entered into GR PSA with Granite Ridge Holdings LLC, GREP IV-A Permian, LLC and GREP IV-B Permian, LLC (effective 2023-12-21).

Action: entry
Agreement: asset purchase
Counterparty: Granite Ridge Holdings LLC, GREP IV-A Permian, LLC and GREP IV-B Permian, LLC
Effective: 2023-12-21

Exact text from the filing

On December 21 , 2023, the Company entered into a purchase and sale agreement (the “GR PSA”) with Granite Ridge Holdings LLC, GREP IV-A Permian, LLC and GREP IV-B Permian, LLC (collectively, the “GR Parties”), pursuant to which the Company agreed to purchase (the “GR Acquisition”) additional working interests in producing assets associated with the Henry Acquisition for consideration comprising (i) approximately 0.6 million shares of the Company’s common stock, par value $0.01 per share (“Common Stock”), and (ii) approximately 0.8 million shares of the Company’s 2.0% Cumulative Mandatorily Convertible Series A Preferred Stock, par value $0.01 per share (the “Preferred Stock” and such shares of Common Stock and Preferred Stock, collectively, the “Share Consideration”) net of purchase price adjustments.

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Source: SEC EDGAR

accession 0001104659-23-128809

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