Presidio signs Canyon Creek acquisition for $83 million

Presidio Production Company (NYSE: FTW) signed definitive purchase agreements to acquire Canyon Creek assets for approximately $83 million from companies controlled by Vortus Investments and additional sellers. The transaction marks the company's first completed acquisition as a public entity.

The deal will be funded with $60 million in cash and 2,173,913 shares of Presidio equity issued to the sellers. The cash portion will come from Presidio's $1.0 billion Goldman Sachs ABS Warehouse Facility and existing cash reserves.

The Canyon Creek assets currently produce approximately 21.4 MMcfe per day from 55 producing wells as of April 2026. The production mix consists of 70% natural gas and 30% natural gas liquids, with an annual decline rate of 11%. The assets have estimated proved developed producing reserves of approximately 100 Bcfe and an estimated PV-10 value of approximately $100 million.

The acquisition establishes Presidio's entry into the Arkoma Basin and supports the company's plan to increase its annual dividend from $1.35 to $1.50 per share. Presidio expects the transaction to generate levered equity returns exceeding 20%.

"This deal is a key step in our growth trajectory, as it provides Presidio with a high-quality foothold in an adjacent basin that aligns perfectly with our land-and-expand strategy," said Will Ulrich, Co-Founder and Co-CEO of Presidio.

The transaction is expected to close in early third quarter 2026, subject to customary closing conditions. Presidio had previously announced a letter of intent for the transaction on February 24, 2026.

Opportune Partners LLC served as financial advisor to Presidio, while Latham & Watkins LLP provided legal counsel. Multiple law firms represented various sellers in the transaction.

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