
Riley Exploration Permian Inc. completed its previously announced acquisition of New Mexico oil and natural gas assets from Pecos Oil & Gas LLC. (Source: Shutterstock)
Riley Exploration Permian Inc. said on April 4 that it completed its previously announced acquisition of New Mexico oil and natural gas assets from Pecos Oil & Gas LLC, an affiliate of Cibolo Energy Partners LLC.
Riley Exploration paid $330 million for the assets before customary purchase price adjustments, the company said in a press release. The deal, announced in February, added 11,700 contiguous net acres in Eddy County, New Mexico, with then-current production of 4,200 bbl/d (7,200 boe/d). The transaction included more than 100 gross horizontal development drilling locations.
Riley Exploration, in conjunction with the closing, issued $200 million in new, senior unsecured notes and funded the balance of consideration with borrowings from the company's existing revolving credit facility.
The Senior Notes will bear interest at an annual rate of 10.5% and will mature in April 2028. At the time of the acquisition, Riley Exploration also completed an amendment to its revolving credit facility to increase the borrowing base by $100 million to $325 million.
Recommended Reading
Project Developments Chug Along in Wake of LNG Pause
2025-05-23 - There are more than 20 U.S. LNG projects at some stage of development. President Joe Biden’s yearlong pause on LNG permits complicated matters for the industry trying to build them. Where do things stand now?
US Regulators Greenlight Construction of Venture Global CP2 LNG Plant, Again
2025-05-23 - The Federal Energy Regulatory Commission gave Venture Global permission, again, to proceed with the construction of its Calcasieu Pass 2 LNG project in Louisiana.
Trump Seeks to Fast-Track New Nuclear Licenses, Overhaul Regulatory Agency
2025-05-23 - U.S. President Donald Trump ordered the nation's independent nuclear regulatory commission to cut down on regulations and fast-track new licenses for reactors and power plants.
Nuclear Stocks Surge After Trump Signs Orders to Boost Industry
2025-05-23 - Shares of nuclear power companies surged after U.S. President Donald Trump signed executive orders seeking to cut down on industry regulations and fast-track new licenses for reactors and power plants.
1Q25 Trend: US Producers Pivot on Market Uncertainty, Cut Capex and Rigs
2025-05-14 - Macro volatility and price uncertainty topped most discussions in first-quarter earnings calls as companies including Diamondback Energy, Occidental Petroleum and Coterra Energy reduce spending and rig counts.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.