Riley Exploration Permian Inc. completed its previously announced acquisition of New Mexico oil and natural gas assets from Pecos Oil & Gas LLC. (Source: Shutterstock)
Riley Exploration Permian Inc. said on April 4 that it completed its previously announced acquisition of New Mexico oil and natural gas assets from Pecos Oil & Gas LLC, an affiliate of Cibolo Energy Partners LLC.
Riley Exploration paid $330 million for the assets before customary purchase price adjustments, the company said in a press release. The deal, announced in February, added 11,700 contiguous net acres in Eddy County, New Mexico, with then-current production of 4,200 bbl/d (7,200 boe/d). The transaction included more than 100 gross horizontal development drilling locations.
Riley Exploration, in conjunction with the closing, issued $200 million in new, senior unsecured notes and funded the balance of consideration with borrowings from the company's existing revolving credit facility.
The Senior Notes will bear interest at an annual rate of 10.5% and will mature in April 2028. At the time of the acquisition, Riley Exploration also completed an amendment to its revolving credit facility to increase the borrowing base by $100 million to $325 million.
Recommended Reading
Trump Administration to Open More Alaska Acres for Oil, Gas Drilling
2025-03-20 - U.S. Interior Secretary Doug Burgum said the agency plans to reopen the 82% of Alaska's National Petroleum Reserve that is available for leasing for development.
Halliburton Sees Strong Adoption of New Oilfield Tech Offerings
2025-01-22 - Halliburton Co.’s Zeus e-fracs, Octiv auto-fracs and the Sensori monitoring platform are setting the stage for long-term growth, CEO Jeff Miller says.
NatGas Positioned in a ‘Goldilocks’ Zone to Power Data Centers
2025-03-26 - On-site power generation near natural gas production is the tech sector's ‘just right’ Goldilocks solution for immediate power needs.
Energy Technology Startups Save Methane to Save Money
2025-03-28 - Startups are finding ways to curb methane emissions while increasing efficiency—and profits.
E&P Highlights: March 3, 2025
2025-03-03 - Here’s a roundup of the latest E&P headlines, from planned Kolibri wells in Oklahoma to a discovery in the Barents Sea.
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.