M&A Deal Summary

Diversified Energy Acquires Canvas Energy

On September 9, 2025, Diversified Energy acquired oil/gas exploration company Canvas Energy for 550M USD

Acquisition Highlights
  • This is Diversified Energy’s 3rd transaction in the Oil/Gas Exploration sector.
  • This is Diversified Energy’s 2nd largest (disclosed) transaction.
  • This is Diversified Energy’s 3rd transaction in the United States.
  • This is Diversified Energy’s 1st transaction in Oklahoma.

M&A Deal Summary

Date 2025-09-09
Target Canvas Energy
Sector Oil/Gas Exploration
Buyer(s) Diversified Energy
Deal Type Add-on Acquisition
Deal Value 550M USD
Advisor(s) Evercore Group
BofA Securities (Financial)
Sidley (Legal)

Target

Canvas Energy

Oklahoma City, Oklahoma, United States
Canvas Energy is an independent oil and gas production and exploitation company. Canvas Energy has increased reserves and production primarily by acquiring and enhancing properties in its core areas of the Mid-Continent (Oklahoma and North Texas) and the Permian Basin (West Texas). Canvas Energy was founded in 1988 and is based in Oklahoma City, Oklahoma.

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Buyer(S) 1

Buyer

Diversified Energy

Birmingham, Alabama, United States

Category Company
Founded 2001
Sector Oil/Gas Exploration
Employees1,589
Revenue 795M USD (2024)
DESCRIPTION

Diversified Energy is an independent owner and operator of producing natural gas & oil wells in multiple regions of the United States. Diversified Energy's operations are located throughout the states of Tennessee, Kentucky, Virginia, West Virginia, Ohio, and Pennsylvania. Diversified Energy was founded in 2001 and is based in Birmingham, Alabama.


DEAL STATS #
Overall 3 of 3
Sector: Oil/Gas Exploration M&A 3 of 3
Type: Add-on Acquisition M&A Deals 3 of 3
State: Oklahoma M&A 1 of 1
Country: United States M&A 3 of 3
Year: 2025 M&A 2 of 2
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-27 Maverick Natural Resources

Houston, Texas, United States

Maverick Natural Resources focuses on the acquisition, development, and production of oil and gas properties throughout the United States. Maverick’s producing and non-producing crude oil and natural gas reserves are located in the following seven producing areas: Ark-La-Tex, Michigan/Indiana/Kentucky the Permian Basin, Mid-Continent, the Rockies, Florida, and California. Maverick Natural Resources was founded in 1988 and is based in Houston, Texas.

Buy $1.3B