Shares of Marathon Oil (MRO) - Get Report surged in trading Monday after the company agreed to acquire PayRock Energy. Under the deal, Marathon will pay $888 million for the energy company, which is a portfolio company of the private equity firm EnCap Investments. According to a company statement, Pay Rock has approximately 61,000 net surface acres and current production of 9,000 net barrels of oil per day in Oklahoma. The transaction is expected to close in the third quarter of this year, funded with cash on hand.
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