"The Titus acquisition continues our path of building scale in the Permian Basin, increasing our daily production to around 100,000 barrels of oil equivalent per day upon closing," Robert J. Anderson, the president and CEO of Earthstone, said in a company statement. "We had a goal of adding to our recently established Northern Delaware Basin position and are excited about this transaction and the drilling inventory we are acquiring as it is among the highest economic locations in the Permian Basin," he added in the statement. "As we have continued to demonstrate from prior acquisitions, we believe that the price for this acquisition is highly attractive, with our ability to buy the assets at less than 2x PDP cash flows using current NYMEX strip prices. We are also obtaining six wells in progress and 86 potentially highly economic net locations which will be incorporated into our drilling plans as quickly as possible," Anderson went on to say.