05:49 PM EDT, 06/25/2024 (MT Newswires) -- TXO Partners ( TXO ) was sinking almost 9% in extended session Tuesday after disclosing plans to acquire properties in the Williston Basin, and for a common units offering.

TXO will acquire oil and gas assets in the Williston Basin in Montana and North Dakota from a portfolio company of Pearl Energy Investments for $225 million in cash along with 2.5 million stock units, according to a copy of the sales agreements filed with regulators Tuesday afternoon.

The second deal will pay $18 million for selected energy-producing properties from privately held Kaiser-Francis Oil Company.

TXO said it will pay a portion of the proposed transactions using proceeds from a public offering of 5 million common units, representing limited partnership interest. It also will provide the underwriters a 30-day option to buy up to 750,000 more units to cover overallotments.

Price: 20.00, Change: -1.93, Percent Change: -8.80