Resolute Energy Corporation has acquired producing and undeveloped oil and gas properties in Reeves County, Texas for $160 million.
The acquisition of approximately 4,600 net acres in Reeves County consists of 2,187 net acres adjacent to Resolute's existing Orla operating area and 2,405 net acres in southern Reeves County.
The purchase increases Resolute’s holdings in Reeves County by 28 percent to approximately 21,000 net acres. Current daily production is approximately 800 barrels of oil equivalent per day.
"This is exactly the kind of targeted, focused, consolidating opportunity that leverages the strengths of our team and our assets,” said Rick Betz, Resolute's Chief Executive Officer, in a statement. "This transaction allows us to add acreage, production and opportunity without either the uncertainty associated with acquiring acreage outside of Reeves County or adding significantly to our staffing and infrastructure needs," Betz added.
“This part of the basin is one of the most exciting and economically attractive oil and gas plays in the US. The acreage to be acquired is adjacent to our Appaloosa project area and immediately north of our Mustang project area,” Betz said, adding that 95 percent of the acquired acreage will be operated by Resolute.