Elk said the acquisition offers near-term cash flow growth via 28 DUCs and 76 permits, plus long-term potential with over 2,800 undeveloped locations. (Source: Shutterstock/ Elk Range)
Elk Range Royalties LP is acquiring Newton Financial Corp., Concord Oil Co. and Mission Oil Co., which together own mineral and royalty interests across the Permian Basin and Eagle Ford Shale, Dallas-based Elk said Jan. 29.
The deal includes approximately 13,500 total net royalty acres (NRA) across Texas, including 4,500 NRA in the Permian and 3,500 NRA in the Eagle Ford, Elk said. Financial terms of the deal were not disclosed.
Key operators across the assets include Exxon Mobil, Apache, Diamondback, Occidental, ConocoPhillips and Continental Resources. The E&Ps have spudded an average of 148 wells per year on the properties since 2021, Elk said.
Elk said the acquisition offers near-term cash flow growth via 28 DUCs and 76 permits, plus long-term potential with over 2,800 undeveloped locations.
“Closing this deal underscores our commitment to acquiring high-quality royalty assets in some of the most active basins, blending immediate cash flow with long-term development opportunities. I am proud of the work our team has done over the last twelve months to scale our portfolio,” said Elk Range CEO Charlie Shufeldt.
Following the transaction, Shufeldt said the company has deployed over $141 million since January 2024 and expects to continue that progress through 2025.
Elk Range was represented by Gibson, Dunn & Crutcher LLP in the transaction. Newton and Concord were represented by TenOaks Energy Advisors as marketing adviser and Jackson Walker as legal adviser.
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