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Joel Kotkin is a contributing writer to Opinion, the presidential fellow for urban futures at Chapman University and senior research fellow at the Civitas Institute at the University of Texas, Austin.

The transactions would increase Civitas' existing production by 60%, the company said.

Reuters was the first to report that Civitas was in advanced talks with NGP to buy the Permian Basin-focused assets.

Under the terms of the transactions, Civitas has agreed to purchase a portion of Tap Rock Resources' Delaware Basin assets and all of Hibernia Energy III's Midland Basin assets.

The acquisition of the "attractively priced, scaled assets in the heart of the Permian Basin" would lead to increased free cash flow and enhanced shareholder returns, according to Civitas Chief Executive Chris Doyle.