Overview

• The deal adds producing wells and undeveloped acreage in Major, Kingfisher and Canadian counties, bringing central Oklahoma holdings to about 1.6 million net acres.
• Diversified projects a 13% lift in production, an 18% increase in adjusted EBITDA and a 29% rise in free cash flow after closing.
• The purchase will be financed with 3.4 million newly issued shares, up to $400 million in Carlyle-backed securitization, and existing cash and borrowing capacity.
• Canvas contributes roughly 147 million cubic feet equivalent per day of output, gross assets near $689–$690 million, and about 23 wells completed in the past year.
• The company cites overlapping infrastructure for efficiency gains, and it expects to close the transaction in the fourth quarter of 2025.