Brigham Exploration Co. LLC is looking to grow its nonoperated acreage position in the prolific Permian Basin with the addition of new equity capital on March 18 for its subsidiary, BEXP I LP, from institutional and private investors.

BEXP was founded by oil and gas entrepreneur Ben M. “Bud” Brigham in 2017 to acquire nonoperated working interests in the Midland and Delaware basins. The company’s formation followed the sale of Brigham Resources, one of Brigham’s several successful ventures, to Diamondback Energy Inc. (NASDAQ: FANG) for $2.6 billion in cash and stock.

The acquisition of Brigham Resources, which closed in March 2017, included 80,185 net acres in the Delaware and was the start of a transformation for Diamondback. Last year, the Midland, Texas-based producer purchased both Energen Corp. and Ajax Resources LLC for a combined $10 billion in deals announced less than a week apart in August 2018.

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