Earthstone Energy Inc. (NYSE: ESTE) said Oct. 8 it completed a trade with an undisclosed offset operator set to block up its Midland Basin acreage position for longer laterals in the Permian.

The acreage swap comprised an average 100% working interest in 3,899 net operated acres in Reagan County, Texas, in exchange of 1,222 net nonoperated acres in Glasscock County, Texas, with average working interest of 39% and $27.8 million in cash.

As a result, Earthstone tacked on a net increase of 2,677 acres and about 350 barrels of oil equivalent per day (boe/d) for less than $6,000 per acre, according to Mike Kelly, senior analyst with Seaport Global Securities LLC.

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