Percussion Petroleum Reportedly Seeking Sale Worth Up to $1.5 Billion

Percussion Petroleum II is looking to fetch up to $1.5 billion by selling around 25,000 net acres in the Permian shale basin, three sources told Reuters on June 17, betting on rising oil prices to pocket more than double what it paid in 2021.

The Houston-based oil and gas company bought the bulk of its assets in one of the most prolific crude-producing areas in the U.S. from Oasis Petroleum Inc. a year ago for $375 million plus contingent payments.

Buyers have been keen to gain a toehold in the basin as oil prices surge to triple digits, while backers of private shale companies such as Percussion are seeing it as a chance to exit their investments with big profits.