04:14 AM EDT, 09/09/2025 (MT Newswires) -- Diversified Energy ( DEC ) said late Monday it agreed to acquire Canvas Energy for about $550 million.

Diversified Energy ( DEC ) said that the acquisition is expected to close in Q4.

It will be funded through the issuance of around 3.4 million new US dollar-denominated shares direct to the seller, an asset-backed securitization of up to $400 million originated by Carlyle (CG), and cash from existing liquidity under the company's borrowing capacity.

The acquisition adds new properties and acreage positions in Oklahoma, concentrated in Major, Kingfisher, and Canadian counties, as well as about 23 wells, the company said.