The assets’ August 2024 net production was approximately 2,700 boe/d from about 29 producing wells. (Source: Shutterstock)
Brigham Exploration (BEXP) affiliates are acquiring non-operated assets in Texas and New Mexico to create one of the largest non-operated footprints in the Permian Basin, Brigham said in a Dec. 17 announcement.
The deal with Great Western Drilling Ltd. includes 7,000 net acres in the Permian’s Delaware and Midland basins—specifically in Eddy and Lea counties, New Mexico, and Martin, Midland, Loving and Winkler counties, Texas.
The assets’ August 2024 net production was approximately 2,700 boe/d from about 29 producing wells, according to the press release. In the same month, Brigham’s average net daily wellhead production was approximately 15,500 boe/d from about 79 net producing wells, including assets from both of the company’s private funds.
"This acquisition marks a significant milestone in BEXP's growth strategy," said Bud Brigham, the company’s executive chairman. "We believe this differentiated asset that was built over generations complements our existing asset base and enhances our Delaware and Midland Basin positions, which are diversified geographically and geologically across experienced operators in the Permian."
Brigham funded the acquisition through existing equity commitments, a new BOK Financial-led credit facility and cash on hand. A purchase price was not disclosed.
The acquisition closed Nov. 22 and will be effective April 1. Vinson & Elkins LLP served as legal counsel to Brigham. Redfield Energy Advisors served as financial adviser and Lynch, Chappell & Alsup served as legal counsel to Great Western Drilling.
Recommended Reading
Phillips 66 Buys EPIC’s Permian NGL Midstream Assets for $2.2B
2025-01-07 - Phillips 66 will buy EPIC’s NGL assets, including a 175,000 bbl/d pipeline that links production supplies in the Delaware and Midland basins and the Eagle Ford Shale to Gulf Coast fractionation complexes.
DNOW Closes Cash Acquisition of Water Service Company Trojan Rentals
2024-11-26 - DNOW Inc.’s acquisition of Trojan Rentals LLC is its third purchase aimed at providing a holistic water management solution to the market, the company said.
Hollub: Oxy Low Carbon Ventures Bolsters US Energy Independence
2024-11-18 - Occidental Petroleum is making a number of low-carbon moves in the Permian—a maneuver that will bolster the U.S.' energy independence, CEO Vicki Hollub told Hart Energy in an exclusive interview.
Martin Midstream Terminates Merger Agreement Following Pushback
2024-12-29 - Martin Midstream Partners will continue operating as a standalone publicly traded company following termination of its deal to merge with Martin Resource Management Corp.
Allete Gets OK From FERC for $6.2B Sale to Canada Pension Plan, GIP
2024-12-20 - Allete Inc. announced its acquisition by the Canada Pension Plan Investment Board and Global Infrastructure Partners in May.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.