In what was described as a “surprise move” by Okla. City-based Devon Energy back in 2022, the company made a bolt-on acquisition that further expanded its Eagle Ford position with the purchase of Denver-based Validus Energy. The $1.8 billion deal included 42,000 net acres, 35 MBOED (70% oil), 350 repeatable drilling locations, and 150 refrac candidates. In an epic score, Validus pocketed double the price it paid for those assets just a year before. While it might’ve been a see-you-later-bye to South Texas, the company’s exit there hardly marked the end of Validus.

Reese Energy Consulting today is following the latest from Validus, which quickly reset its sights and strategy on the Mid-Continent region, which includes Okla., Texas, Kans., and Ark. Since its South Texas exodus, Validus has made three Mid-Con acquisitions inside a year, becoming one of the largest private players there and in the Anadarko Basin. The company last February shelled out $450 million for Okla., assets from Continental Energy Resources. Then came a biggie in September with the merger of Citizen Energy, then among the largest private oil and gas firms in the Mid-Con. The $2+ billion deal included 326,000 net acres, 720 operated wells, and 86 MBOED primarily in the Anadarko.

All of which brings us to the latest acquisition by Validus, which is playing its natural gas cards with an ace on top. The ace is rival Okla. City-based 89 Energy III. The $850 million deal includes 65,000 net acres in the SCOOP, more than 25 MBEOD (70% gas), and 200 operated wells.