Company part-owned by Paul Foster sells assets to Houston energy firm

EL PASO, Texas (KVIA) -- Conterra Energy Inc. is acquiring certain assets of Avant Natural Resources and Franklin Mountain Energy, which El Paso businessman Paul Foster owns a stake in. The acquisition is estimated at $3.9 billion and is still subject to post-closing purchase price adjustments.

“Through the hard work of Franklin Mountain Energy, Avant Natural Resources, and the Coterra team, we are pleased to have closed the two previously announced acquisitions on schedule," Tom Jorden, Chairman, CEO, and President of Coterra said. "We expect to immediately hit the ground running and, in coordination with our year-end 2024 earnings release in February, we are excited to share our 2025 formal guidance as well as an updated three-year outlook.”

The company operates primarily in Lea County, New Mexico near the Bone Spring formations of the Permian Basin.

Conterra Energy, based in Houston, has a long history of natural gas exploration and production, including a focus in the Permian Basin.