![U.S. Energy Development Corp. Acquires New Permian Assets for $60 Million](/sites/default/files/styles/hart_news_article_image_640/public/image/2022/09/us-energy-development-corp-acquires-new-permian-assets-60-million.jpg?itok=DtWPJh1D)
In addition to the new project acquisitions in the Permian Basin, U.S. Energy said it expects to acquire an additional $400 million-$500 million in assets on behalf of itself and its partners across multiple basins over the next 18-to-24 months. (Source: U.S. Energy Development Corp.)
U.S. Energy Development Corp. recently acquired three separate asset packages totaling more than $60 million in the core of the Delaware Basin in the Permian region.
The new acquisitions involve partnering with “highly regarded operators” in 17 new wells spanning a three-county area, the company said in a Sept. 13 release.
“With this expanded well count, we anticipate approximately $100 million of new production to come online by the end of the calendar year,” Jordan Jayson, chairman and CEO of U.S. Energy, commented in the release.
Headquartered in the Dallas-Fort Worth Metroplex, U.S. Energy is a privately held E&P firm that manages assets for itself and its partners.
In addition to the new project acquisitions announced on Sept. 13, U.S. Energy said it expects to acquire an additional $400 million-$500 million in assets on behalf of itself and its partners across multiple basins over the next 18-to-24 months.
Since its founding in 1980, U.S. Energy has invested in, operated and/or drilled approximately 4,000 wells in 13 states and Canada and deployed more than $2 billion on behalf of its partners.
U.S. Energy is active in all major U.S. basins and currently maintains approximately 300,000 gross acres HBP for potential future oil and natural gas development. The firm’s current operations include the Permian Basin in West Texas and southeastern New Mexico, the Powder River Basin in Wyoming and the Eagle Ford Shale in South Texas, according to the U.S. Energy website.
Recommended Reading
Paisie: OPEC+ Will Be Able to Manage Prices
2024-07-11 - Disappointing economic news has contributed to a drop in oil prices.
TotalEnergies Joins Ruwais LNG Project in UAE
2024-07-11 - French energy giant TotalEneriges joined the two-train 9.6 million tonnes per annum Ruwais LNG project in the United Arab Emirates with a 10% interest. The LNG project is expected to start sending out cargos in the second half of 2028.
DC Appeals Court Sends Louisiana LNG Permit Decision Back to FERC
2024-07-17 - The Washington D.C. Court of Appeals' decision follows a railroad dispute headed to the Supreme Court this fall.
Pemex Reduces Fuel Thefts as US-Mexico Energy Trade Value Dips
2024-07-15 - Mexico, the largest export market for U.S. petroleum products, expects to lessen its foreign fuel dependence as its builds a new $16 billion refinery.
Freeport LNG’s Slow Restart Stokes Concern Over Supply Risk
2024-07-23 - The 15-mtpa Freeport LNG facility remains under the spotlight of the global market as it slowly resumes operations after pausing ahead of Hurricane Beryl’s arrival along the U.S. Gulf Coast.