• Upstream
  • Pipelines & Transport
  • Downstream
Saturday, July 19, 2025
Oil&Gas Advancement
  • Home
  • News
    Snam GTSOU Sign MoU to Boost Italy Ukraine Gas Markets

    Snam, GTSOU Sign MoU to Boost Italy-Ukraine Gas Markets

    Naftogaz, Baker Hughes Signs MOU to Boost Ukraine Energy

    Naftogaz, Baker Hughes Signs MOU to Boost Ukraine Energy

    SEFE-ADNOC-Gas-Deal Expands LNG Supply for Europe Energy

    SEFE, ADNOC Gas Deal Expands LNG Supply for Europe Energy

    Canada Broadens Outlook to be LNG Exporting Superpower

    Canada Broadens Outlook to be LNG Exporting Superpower

    Turkey Hikes Natural Gas Prices

    Turkey Hikes Natural Gas Prices Amid Budget Pressures

    Indonesia and Saudi

    Indonesia and Saudi Sign $27B Oil and Gas Investment Deals

    Oil Prices Surge 3 Percent

    Oil Prices Surge 3 Percent Amid Iran Move and US deal

    Germany Allows Drilling in North Sea Protected Marine Zone

    Germany Allows Drilling in North Sea Protected Marine Zone

    Crude Oil Prices Rise Ahead

    Crude Oil Prices Rise Ahead of OPEC Production Update

  • Projects
    South Africa Proposes

    South Africa Proposes US LNG Purchase Deal for 10 Years

    Alaska LNG

    Glenfarne Announces Over $115 Billion of Strategic Partner Interest for Alaska LNG

    UAE Energy Investments in the US

    UAE Energy Investments in the US to Reach $440B by 2035

    agreements with US companies

    Aramco announces 34 MoUs and agreements with US companies

    Future-proofing-gas-sector

    Future-proofing Gas Sector for Efficiency and Sustainability

    South-Africa-Oil-and-Gas-Exploration

    South Africa Speeding-up its Oil and Gas Exploration

    Upstream-Exploration

    High-Risk Geographies in Upstream Exploration and Challenges

    Offshore-Drilling

    Innovations Driving the Future of Offshore Drilling

    Gato-do-Mato

    Shell Approves Gato do Mato Project in Brazil

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    Youth-Empowerment at Namibia Oil and Gas Conference 2025

    Namibia Oil and Gas Conference 2025 Announces Future Generations Masterclass in Partnership with the Namibia Youth Energy Forum

    Alaska LNG

    Glenfarne Announces Over $115 Billion of Strategic Partner Interest for Alaska LNG

    agreements with US companies

    Aramco announces 34 MoUs and agreements with US companies

    Sinopec Sets New Vertical Well Depth

    Sinopec Sets New Vertical Well Depth Record of 5,300 Meters

    Jubail Asset Integrity

    Jubail to Host the 3rd Asset Integrity and Process Safety Conference & Exhibition 2025

    IPTC 2025 Launched: Driving Innovation, Sustainability, and Excellence in Energy

    Ocean Business announces exhibitor list for 2025 show

    Ocean Business 2025 conference programme announced

    Engine No. 1, Chevron And GE Vernova To Power U.S. Data Centers

  • Market Reports
    HDPE Market in Oil and Gas

    HDPE Market in Oil and Gas: Trends and Global Forecast

    Top 5 Oil and Gas Sector Trends that are Active in 2025

    Oil-and-Gas-Analytics

    Oil and Gas Analytics Market Growth Trends and Forecast

    Gas-Transportation

    Transport Capacity – Key to Gas Sector Growth in India

    Offshore-Drilling

    Namibia Showcases its Offshore Drilling Activities

    Global-Oil

    Demand for Global Oil to Grow to Almost 104 mb/d in 2025

    ExxonMobil to sell Norway upstream operations for $4.5 billion

    ExxonMobil completes acquisition of Pioneer Natural Resources

    Ithaca Energy unit to acquire Chevron’s Central North Sea assets

    ExxonMobil doubles Permian footprint after finalizing Pioneer acquisition

    CNOOC

    Petrobras achieves second highest profit in history in 2023: R$ 124.6 billion

  • Events
  • Contact Us
No Result
View All Result
Oil&Gas Advancement
No Result
View All Result

Magnolia Oil & Gas Corporation to Acquire the South Texas Assets of Harvest Oil & Gas

Share on FacebookShare on Twitter

Magnolia Oil & Gas Corporation (including its subsidiaries, the “Company” “Magnolia,” “we,” “us,” or “our”)  announced that it has agreed to acquire substantially all of the South Texas Assets of Harvest Oil & Gas Corp. (“Harvest South Texas Assets”) for approximately $135 million in cash, without giving effect to effective date adjustments, and 4.2 million newly issued shares of the Company’s Class A common stock (the “Share Consideration”) valued at approximately $56 million as of the close of trading on August 20, 2018 (the “Acquisition”). The cash consideration will be funded using cash on the balance sheet and borrowings under the Company’s revolving credit facility. The Acquisition is expected to close on August 31, 2018 and will have an effective date of July 1, 2018.

Acquisition Highlights

  • Immediately accretive transaction that adds an undivided working interest across a portion of our existing Karnes County assets and all of our existing Giddings Field assets
  • Acquisition adds approximately 15 net locations to our core Karnes County inventory and approximately 114,000 net acres to our Giddings Field position
  • Harvest South Texas Assets produced approximately 4,800 barrels of oil equivalent per day (“boe/d”) in the first half of 2018, with 1,400 boe/d in Karnes County (69% oil/83% liquids) and 3,400 boe/d in Giddings Field (27% oil/53% liquids)
  • In the first half of 2018, Harvest South Texas Assets generated revenues less direct operating expenses of approximately $25 million and incurred approximately $13 million of capital expenditures, which resulted in approximately $12 million of revenues less direct operating expenses after capital expenditures

Magnolia Chairman and CEO, Steve Chazen, commented, “We are very pleased to announce our agreement to acquire Harvest’s South Texas Assets. Harvest represented our largest non-operated working interest owner and the assets are a natural fit for Magnolia. We believe this accretive transaction is highly complementary to our business objectives of maximizing shareholder returns by generating steady production growth, strong pre-tax margins and significant free cash flow.”

About Magnolia
Magnolia (MGY) is a publicly traded oil and gas exploration and production company with South Texas operations in the core of the Eagle Ford. Magnolia will focus on generating value for shareholders through steady production growth and free cash flow. For more information, visit www.magnoliaoilgas.com.

About Harvest
Harvest is an independent oil and gas company engaged in the acquisition, efficient operation and development of onshore oil and gas properties in the continental United States. The Company’s assets consist primarily of producing and non-producing properties in the Barnett Shale, the San Juan Basin, the Appalachian Basin (which includes the Utica Shale), Michigan, the Mid-Continent areas in Oklahoma, Texas, Arkansas, Kansas and Louisiana, the Permian Basin, and the Monroe Field in Northern Louisiana. More information about Harvest is available on the internet at https://www.hvstog.com.

Previous Post

Conrad Industries Announces Delivery of North America’s First LNG Bunker Barge

Next Post

Frontera announces positive drilling results in Colombia

Related Posts

Snam GTSOU Sign MoU to Boost Italy Ukraine Gas Markets
News

Snam, GTSOU Sign MoU to Boost Italy-Ukraine Gas Markets

July 17, 2025
Naftogaz, Baker Hughes Signs MOU to Boost Ukraine Energy
News

Naftogaz, Baker Hughes Signs MOU to Boost Ukraine Energy

July 16, 2025
SEFE-ADNOC-Gas-Deal Expands LNG Supply for Europe Energy
Europe

SEFE, ADNOC Gas Deal Expands LNG Supply for Europe Energy

July 15, 2025
Canada Broadens Outlook to be LNG Exporting Superpower
News

Canada Broadens Outlook to be LNG Exporting Superpower

July 11, 2025
Turkey Hikes Natural Gas Prices
Gases

Turkey Hikes Natural Gas Prices Amid Budget Pressures

July 11, 2025
Indonesia and Saudi
News

Indonesia and Saudi Sign $27B Oil and Gas Investment Deals

July 10, 2025
Next Post

Frontera announces positive drilling results in Colombia

Snam GTSOU Sign MoU to Boost Italy Ukraine Gas Markets
News

Snam, GTSOU Sign MoU to Boost Italy-Ukraine Gas Markets

July 17, 2025
Naftogaz, Baker Hughes Signs MOU to Boost Ukraine Energy
News

Naftogaz, Baker Hughes Signs MOU to Boost Ukraine Energy

July 16, 2025
SEFE-ADNOC-Gas-Deal Expands LNG Supply for Europe Energy
Europe

SEFE, ADNOC Gas Deal Expands LNG Supply for Europe Energy

July 15, 2025
Canada Broadens Outlook to be LNG Exporting Superpower
News

Canada Broadens Outlook to be LNG Exporting Superpower

July 11, 2025
Turkey Hikes Natural Gas Prices
Gases

Turkey Hikes Natural Gas Prices Amid Budget Pressures

July 11, 2025
Indonesia and Saudi
News

Indonesia and Saudi Sign $27B Oil and Gas Investment Deals

July 10, 2025

Subscribe Us

Resources

  • Advertise with us
  • Contact Us
  • Newsletter Archive
  • Download Mediapack

System

  • Search
  • Site Map
  • RSS Feed
  • Upstream
  • Pipelines & Transport
  • Downstream

© 2018 Copyright Valuemediaservices 2018 All rights reserved.

No Result
View All Result
  • Home
  • News
  • Projects
  • Whitepapers
  • Press Releases
  • Market Reports
  • Events
  • Contact Us

© 2018 Copyright Valuemediaservices 2018 All rights reserved.