
(Source: Shutterstock.com, Langford Energy Partners)
Privately held operator Langford Energy Partners (LEP) has closed on the acquisition of approximately 8,000 net acres in the Midland Basin, the company said Jan. 13.
LEP said its affiliates had purchased the assets in Howard, Borden, and Midland counties, Texas, from Murchison Oil and Gas LLC. Financial terms of the transaction, which closed Dec. 6, weren’t disclosed.
The assets averaged 7,200 boe/d (72% oil), primarily from 63 operated horizontal wells. The acquisition includes a “substantial runway of quality, fully delineated drilling locations” and oil, gas and water infrastructure including two saltwater disposal wells, LEP said.
The newly acquired asset will be used “as an anchor for expansion through additional bolt-on acquisitions in the Midland Basin,” LEP CEO Lance Langford said in the press release.
Langford Energy Partners "has captured what we believe is a high-quality asset with the ideal profile to complement our stated strategy,” Executive Chairman Bud Brigham said.
The acquisition was funded with equity from its Lanford Energy Partners I LP flagship fund, as well as senior bank debt from a credit facility led by Texas Capital Bank.
Vartabedian Hester & Haynes LLP, Vinson & Elkins LLP and Kirkland & Ellis LLP served as legal counsel to Langford.
RBC Richardson Barr served as exclusive financial adviser and Holland & Knight LLP as legal counsel to Murchison.
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