M&A Deal Summary

Magnolia Oil & Gas Acquires Harvest Oil & Gas - South Texas Assets

On August 21, 2018, Magnolia Oil & Gas acquired oil/gas exploration company Harvest Oil & Gas - South Texas Assets from Harvest Oil & Gas for 135M USD

Acquisition Highlights
  • This is Magnolia Oil & Gas’ 1st transaction in the Oil/Gas Exploration sector.
  • This is Magnolia Oil & Gas’ largest (disclosed) transaction.
  • This is Magnolia Oil & Gas’ 1st transaction in the United States.
  • This is Magnolia Oil & Gas’ 1st transaction in Texas.

M&A Deal Summary
Date 2018-08-21
Target Harvest Oil & Gas - South Texas Assets
Sector Oil/Gas Exploration
Buyer(s) Magnolia Oil & Gas
Sellers(s) Harvest Oil & Gas
Deal Type Divestiture
Deal Value 135M USD

Target

Harvest Oil & Gas - South Texas Assets

Houston, Texas, United States
Harvest Oil & Gas Corp. - 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)

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Buyer(S) 1

Buyer

Magnolia Oil & Gas

Houston, Texas, United States

website

Category Company
Founded 2017
Sector Oil/Gas Exploration
Employees213
Revenue 1.7B USD (2022)
DESCRIPTION

Magnolia Oil & Gas is an independent oil producer with assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. Company objective is to maximize shareholder returns by generating steady production growth, strong pre-tax margins, and significant free cash flow. Magnolia Oil & Gas was founded in 2017 and is based in Houston, Texas.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2018) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

Harvest Oil & Gas

Houston, Texas, United States

website

Category Company
Founded 2006
Sector Oil/Gas Exploration
Employees5
Revenue 114M USD (2019)
DESCRIPTION

Harvest Oil & Gas is an independent oil and gas company engaged in the efficient operation and development of onshore oil and gas properties in the continental United States. Harvest Oil & Gas was formed in 2006 and is based in Houston, Texas.

DEAL STATS #
Overall 3 of 3
Sector (Oil/Gas Exploration) 3 of 3
Type (Divestiture) 1 of 1
State (Texas) 1 of 1
Country (United States) 3 of 3
Year (2018) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-10 Utica East Ohio Midstream

Dennison,, Ohio, United States

UEO is a joint project to develop infrastructure for the gathering, processing and fractionation of natural gas and natural gas liquids (NGL) in the Utica Shale play in eastern Ohio.

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