Crescent Energy has signed a definitive purchase agreement to acquire an additional working interest in its operated Western Eagle Ford assets for a total consideration of $250m in cash.

The agreement follows the recent acquisition of operatorship of certain Western Eagle Ford assets, for a total consideration of $600m, which was closed in July this year.

The assets are located within the company’s existing operated footprint and are primarily located in Dimmit and Webb Counties, Texas.

The transaction is expected to be completed within this month, subject to customary closing conditions, with an effective date of 1 June 2023.

In addition to the acquisition agreement, the company also signed additional hedges in line with its risk-management strategy.

Crescent said that the acquisition will increase its net production by 12MBoe/d and enhance its capital investments by an estimated $5m, for the fourth quarter of 2023.

Crescent CEO David Rockecharlie said: “We are pleased to further scale our high-quality Western Eagle Ford position following the recent acquisition of operatorship of this asset earlier in the quarter.

“This transaction is consistent with our strategy to grow opportunistically through accretive acquisitions, adding low decline cash flow and high-quality inventory at attractive valuations while maintaining financial strength.

“With increased scale and operational control, we believe there are significant opportunities to realise meaningful synergies across our broader Eagle Ford footprint.”

Crescent said that the attractive purchase price is expected to be immediately accretive to its operating cash flow, free cash flow and net asset value.

The acquisition will further enhance the scale and operational control of its Eagle Ford assets.

Together with the operatorship of the Eagle Ford asset in July, Crescent will enhance its non-operated interest from 15% to 63% operated working interest in the acquired assets.

Furthermore, the company will operate around 90% of the broader Eagle Ford position and expects improvements in capital efficiencies, operating performance, and basin-wide synergies.