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Earthstone Energy Inc. ESTE said Thursday it agreed to acquire Novo Oil & Gas Holdings LLC, a Delaware basin exploration and production backed by EnCap Investments L.P. At the same time, Northern Oil and Gas Inc. NOG will buy working oil and gas interests of Novo for $500 million from seller Earthstone. The result of the two deals will be a net purchase price of $1 billion for Earthstone for the retained interests in Novo. Earthstone Energy is up 0.7% in premarket trades on Thursday.
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