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Riley Exploration Permian has closed the purchase of oil and natural gas leasehold in Eddy County, New Mexico, from an undisclosed seller, the company said on May 8.
Riley Permian said it closed the $20.5 million deal on May 7. The acquisition adds approximately 13,900 total net acres and an estimated 20 to 25 net locations suitable for horizontal drilling development, the company said. The acquisition adds an average 1,100 boe/d of production.
The company entered into an agreement to buy 12,500 net acres in Eddy County on March 22. In April, the company launched a stock offering, with proceeds primarily to be used for the deal.
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