In the Midland Basin, the company added 4.1 net (8 gross) future drilling locations for a total acquisition cost of $3.4 million and estimated future development costs of $24 million. (Source: Shutterstock)
Multi-basin non-op Granite Ridge Resources closed multiple transactions in the second quarter in the Midland, Delaware, Denver-Julesburg (D-J), Williston and Appalachian basins, the company reported on Aug. 8.
During the second quarter the company closed multiple transactions adding 16.4 net future drilling locations. Granite Ridge said the acquisition’s costs totaled $22.4 million, inclusive of $5.8 million of future drilling carries. Combined with deals closed after the quarter, the company spent about $47.4 million in dealmaking.
Among its “traditional non-op” deals, the acquisitions added 4.7 net (51 gross) future drilling locations at a cost of $12.6 million. Estimated future development costs for the acquired properties is $50 million.
In the Midland Basin, the company added 4.1 net (8 gross) future drilling locations for a total acquisition cost of $3.4 million and estimated future development costs of $24 million. In the Delaware, Granite purchased 7.7 net (10 gross) locations for a total acquisition cost of $6.4 million with estimated future development costs of $66 million.
Granite Ridge said, as the largest interest owner in the locations, that the company will control development timing.
After the end of the second quarter, the company also closed 8.7 net future drilling locations for a $25 million, inclusive of $3 million of future drilling carries.
The company reported net income of $5.1 million, or $0.04 per diluted share, and adjusted net income of $17.2 million, or $0.13 adjusted earnings per diluted share. Adjusted EBITDAX was $68.3 million for the quarter. The company also placed 9.1 net (62 gross) wells online.
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