Kirkland & Ellis counseled Earthstone Energy, Inc. on its agreement to acquire Novo Oil & Gas Holdings, LLC, a privately-held Delaware Basin focused E&P company backed by EnCap Investments L.P., for $1.5 billion. Concurrently, Northern Oil and Gas, Inc. (NYSE: NOG), also counseled by Kirkland & Ellis, will acquire working interests equal to a pro-rata 33⅓ percent of the oil and gas assets of Novo for $0.5 billion from Earthstone, resulting in a $1 billion purchase price net to Earthstone for the retained 66⅔ percent interest. Consideration at closing will be subject to customary purchase price adjustments. The effective date for the Novo acquisition is May 1, 2023, and closing is anticipated to occur in the third quarter of 2023, subject to customary closing conditions. Read Earthstone Energy’s press release Read NOG’s press release The Kirkland team was led by corporate partners David Castro, Jr., Cyril Jones, Lindsey Jaquillard, Chad Smith and William Eiland; with assistance from corporate partner Randy Santa Ana and associates Daniel Cadis, Jarrod Gamble and Jonathan Strom; debt finance partners Mary Kogut and Jordan Roberts and associate Lauren Elledge; and capital markets partners Bryan Flannery and Matt Pacey associate Erin Meziere.