Founded in 2018, LRG Energy owns and operates approximately 5,000 wells, primarily in the Texas Panhandle, according to the company release. (Source: LRG Energy LLC)
LRG Energy LLC acquired the assets of the Bjorger Cos. on Aug. 25, boosting the privately held oil and gas operator’s position in the Texas Panhandle.
“The assets acquired will further enhance LRG’s rapidly expanding footprint in the Texas Panhandle,” the company said in a release.
The Bjorger acquisition includes approximately 800 wells and integrated saltwater disposal wells in the Texas Panhandle in Carson, Gray, Hutchinson, Hansford, Moore and Sherman counties plus North Texas in Montague, Stephens and Wise counties.
Terms of the transaction weren’t disclosed.
In total, the acquisition will add production and development opportunities spanning approximately 35,000 acres, all off-setting LRG existing properties, according to the release.
“This is LRG’s ninth acquisition in the past four years, making LRG among the largest independent operators in the Texas Panhandle,” the company added.
Founded in 2018, LRG’s strategy is to acquire existing wellbores, return to production nonproducing wells, while flat-lining decline curves and cutting costs. The company owns and operates approximately 5,000 wells, primarily in the Texas Panhandle, through its three operators: Large Operating, Ponderosa TX Operating and D10 Energy.
Through its operators, LRG owns all of its own service equipment and is among the largest independent service providers in the area, which it said makes it a low-cost, vertically integrated oil and gas producer.
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