Diversified Energy to Buy Canvas Energy for About $550m

Diversified Energy to buy Canvas Energy for about $550m.

• Acquisition adds producing properties and acreage positions in Oklahoma, concentrated in Major, Kingfisher and Canadian Counties
• Sees meaningful annual run rate synergies
• To be funded through a privately rated bilaterally structured asset-backed securitization originated by Carlyle, existing liquidity, and issuance of ~3.4 million Diversified shares to the seller
• Sees closing in 4Q 2025
• KeyBanc Capital Markets serving as financial adviser for Diversified; Evercore and BofA are financial advisers to Canvas

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