SM Energy completed an acquisition in cash of 20,000 net acres in various Texas counties. (Source: Shutterstock)
SM Energy Co. completed a previously reported acquisition of 20,000 net acres in Dawson and north Martin counties, Texas, according to an Aug. 2 press release detailing the company’s quarterly earnings.
The acquisition—which was funded with cash—cost the company $90.6 million, less than the previously reported amount of $93.5 million. The transaction includes approximately 1,250 boe/d net production, approximately 90% oil, and is expected to house a rig in fourth-quarter 2023.
Aside from this acquisition, the company scooped up an additional 2,800 net acres near its first quarter leasehold acquisition of 6,300 net acres in the Midland Basin. The price and location for this secondary acquisition were not disclosed at the time of writing.
Recommended Reading
Formentera Joins EOG in Wildcatting South Texas’ Oily Pearsall Pay
2025-01-22 - Known in the past as a “heartbreak shale,” Formentera Partners is counting on bigger completions and longer laterals to crack the Pearsall code, Managing Partner Bryan Sheffield said. EOG Resources is also exploring the shale.
E&Ps Pivot from the Pricey Permian
2025-02-01 - SM Energy, Ovintiv and Devon Energy were rumored to be hunting for Permian M&A—but they ultimately inked deals in cheaper basins. Experts say it’s a trend to watch as producers shrug off high Permian prices for runway in the Williston, Eagle Ford, the Uinta and the Montney.
Classic Rock, New Wells: Permian Conventional Zones Gain Momentum
2024-12-02 - Spurned or simply ignored by the big publics, the Permian Basin’s conventional zones—the Central Basin Platform, Northwest Shelf and Eastern Shelf—remain playgrounds for independent producers.
Shale Outlook: E&Ps Making More U-Turn Laterals, Problem-Free
2025-01-09 - Of the more than 70 horseshoe wells drilled to date, half came in the first nine months of 2024 as operators found 2-mile, single-section laterals more economic than a pair of 1-mile straight holes.
Analysis: Middle Three Forks Bench Holds Vast Untapped Oil Potential
2025-01-07 - Williston Basin operators have mostly landed laterals in the shallower upper Three Forks bench. But the deeper middle Three Forks contains hundreds of millions of barrels of oil yet to be recovered, North Dakota state researchers report.
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.