Vital Energy Inc. has closed an acquisition of a Midland Basin leasehold in Upton and Reagan counties, Texas. (Source: Shutterstock)
Vital Energy Inc, formerly known as Laredo Petroleum, has closed an acquisition of a Midland Basin leasehold in Upton and Reagan counties, Texas, in a cash and stock deal worth roughly $214 million.
Vital Energy, which announced the deal on Feb. 14, purchased the assets from Driftwood Energy Operating LLC. The deal closed on April 3, according to filings with the Securities and Exchange commission.
The acquisition included 11,200 net acres that averaged 5,400 boe/d (63% oil).
Vital Energy, based in Tulsa, Oklahoma, said the acquisition would extend its oil-weighted inventory life with the addition of 23 net operating horizontal drilling locations in the Wolfcamp B Formation.
Under the terms of a purchase and sale agreement, Vital Energy acquired Driftwood’s leasehold interests and hedges for $127.6 million cash and 1.57 million shares of Vital Energy stock.
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