SM Energy completed an acquisition in cash of 20,000 net acres in various Texas counties. (Source: Shutterstock)
SM Energy Co. completed a previously reported acquisition of 20,000 net acres in Dawson and north Martin counties, Texas, according to an Aug. 2 press release detailing the company’s quarterly earnings.
The acquisition—which was funded with cash—cost the company $90.6 million, less than the previously reported amount of $93.5 million. The transaction includes approximately 1,250 boe/d net production, approximately 90% oil, and is expected to house a rig in fourth-quarter 2023.
Aside from this acquisition, the company scooped up an additional 2,800 net acres near its first quarter leasehold acquisition of 6,300 net acres in the Midland Basin. The price and location for this secondary acquisition were not disclosed at the time of writing.
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