Lime Rock Resources announced a Permian Basin acquisition on July 26 described by the company’s top executive as a “unique opportunity” created by recent volatility.

“The high volatility in the energy business over the last 18 months has created some unique opportunities in the oil and gas property market,” commented Eric Mullins, chairman and CEO of Lime Rock Resources, in a company release.

“This acquisition is one of those opportunities,” Mullins continued, “which fits quite well the Lime Rock Resources acquisition strategy.”

Based in Houston, the Lime Rock Resources team acquires, operates, and improves producing oil and gas properties in the U.S. with a focus on providing its investors with attractive long-term returns.

On July 26, Lime Rock Resources said in a release it had reached a definitive agreement to buy oil and gas properties in the Delaware Basin of Texas for $508.3 million from an undisclosed private seller. 

The acquired property is located primarily in Loving County, Texas. As of the April 1 transaction effective date, the property was producing 15,163 boe/d. 

Charlie Adcock, vice-chairman of Lime Rock Resources, added, “We look forward to taking over operations in a few months to optimize existing production and pursue other value-creating initiatives.”

The Delaware Basin transaction is expected to close on Sept. 30, according to the release.

Established in 1998, Lime Rock Management has raised $8.9 billion in private equity funds for investment in the energy industry through Lime Rock Resources and Lime Rock Partners, investors of growth capital in E&P and oilfield services companies.

Mullins and Adcock co-founded the Lime Rock Resources strategy in 2005.