Laredo Petroleum Inc. recently tacked on more Permian Basin acreage through a $130 million cash acquisition as the company’s new CEO implements his strategic vision.

In its third-quarter earnings release, Laredo revealed it had signed a purchase and sale agreement with Cordero Energy Resources LLC on Nov. 4 to acquire 7,360 net acres (96% operated) and 750 net royalty acres in Howard County, Texas. The largely undeveloped acreage is in an area of high oil productivity with offsetting wells indicating first-year production that is 80% oil, according to the company release.

Jason Pigott, who took over as Laredo CEO last month, called the Howard County acreage acquisition Laredo’s next strategic step to maximize and create additional value for its stakeholders.

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