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.
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