Petro-Hunt plans to commence an active development drilling program on the Delaware Basin assets acquired from Admiral Permian Resources later this year, the company said. (Source: Hart Energy)
Petro-Hunt LLC recently picked up Delaware Basin assets from Admiral Permian Resources, Dallas-based Petro-Hunt said in a company release on March 9.
According to the release, Petro-Hunt Permian LLC, a fully owned subsidiary of the company, completed the acquisition of the Delaware Basin assets from APR Operating LLC (dba Admiral Permian Resources). Terms of the transaction weren’t disclosed.
Admiral Permian Resources is a privately held E&P company focused on the acquisition and development of oil and gas properties in the Permian Basin. The company, headquartered in Midland, Texas, is majority owned by funds managed by the private equity group of Ares Management LP and is also backed by Pine Brook and members of management.
The acquired APR assets consist of predominantly operated oil and gas production and 21,430 net acres of leasehold in northwest Reeves and northeast Culberson counties, Texas, in the Delaware Basin. Current gross operated production is approximately 7,000 bbl/d of oil and 100 MMcf/d of gas.
“Petro-Hunt plans to commence an active development drilling program on these assets later this year,” the company said in the release.
Petro-Hunt is a privately owned E&P company whose origins trace back to the first quarter of the 20th century. The company, ranked among the nation’s top 10 private liquids (oil) producers according to its website, operates 775 wells and participates in over 8,100 nonoperated wells located throughout the U.S.
Including the acquired APR assets, Petro-Hunt said on March 9 that the company, its subsidiaries and affiliates had current gross operated production capacity of approximately 57,000 bbl/d of oil and 220 MMcf/d of gas.
Recommended Reading
Are Shale Producers Getting Credit for Reining in Spending Frenzy?
2024-12-10 - An unusual reduction in producer hedging found in a Haynes and Boone survey suggests banks are newly open to negotiating credit terms, a signal of market rewards for E&P thrift.
SLB Earnings Rise, But Weakened 4Q and 2025 Ahead Due to Oil Glut
2024-10-22 - SLB, like Liberty Energy, revised guidance lower for the coming months, analysts said, as oilfield service companies grapple with concerns over an oversupplied global oil market.
Oilfield Services Firm Flowco Files IPO Paperwork
2024-12-09 - Oilfield services provider Flowco filed paperwork for an IPO, one of several energy-focused players seeking to test the public markets.
Woodside Reports Record Q3 Production, Narrows Guidance for 2024
2024-10-17 - Australia’s Woodside Energy reported record production of 577,000 boe/d in the third quarter of 2024, an 18% increase due to the start of the Sangomar project offshore Senegal. The Aussie company has narrowed its production guidance for 2024 as a result.
Quantum’s VanLoh: New ‘Wave’ of Private Equity Investment Unlikely
2024-10-10 - Private equity titan Wil VanLoh, founder of Quantum Capital Group, shares his perspective on the dearth of oil and gas exploration, family office and private equity funding limitations and where M&A is headed next.
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.