U.S. Energy Development said the $50 million asset located in Loving County, Texas, in the core of the Delaware Basin includes wells targeting three of the basin’s most prolific benches. (Source: Hart Energy)
U.S. Energy Development Corp. recently acquired a $50 million asset in the core of the Permian Basin, marking the firm’s fifth major deal in the calendar year.
Based in Arlington, Texas, U.S. Energy is an E&P firm providing direct investments in energy. Since its launch in 1980, the firm has deployed more than $1.5 billion on behalf of its partners through aggressive acquisition and development of oil and natural gas projects throughout North America, including the Permian Basin.
U.S. Energy announced its latest acquisition in a company release on Sept. 8. The deal includes a project located in Loving County, Texas, in the core of the Delaware Basin with wells targeting three of the basin’s most prolific benches, according to the release, including the 3rd Bone Spring, Wolfcamp A and Wolfcamp XY.
The transaction, with an undisclosed seller, brings U.S. Energy’s total investment in the Permian Basin over the past year to $135 million. The firm has previously said it intends to reach $150 million in projects within the Permian Basin by year-end 2021.
On Sept. 8, U.S. Energy said it is planning to invest an additional $400 million among the Permian, Powder River, Eagle Ford and Denver-Julesburg Basins over the next two years.
Recommended Reading
EON Enters Funding Arrangement for Permian Well Completions
2024-12-02 - EON Resources, formerly HNR Acquisition, is securing funds to develop 45 wells on its 13,700 leasehold acres in Eddy County, New Mexico.
Matador Offers $750 Million in Senior Notes Following Ameredev Deal
2024-09-20 - Matador Resources will offer $750 million in senior notes following the close of its $1.83 billion Ameredev II acquisition.
Utica Oil E&P Infinity Natural Resources’ IPO Gains 7 More Bankers
2024-11-27 - Infinity Natural Resources’ IPO is expected to provide a first-look at the public market’s valuation of the Utica oil play.
Investor Returns Keep Aethon IPO-ready
2024-10-08 - Haynesville producer Aethon Energy is focused on investor returns, additional bolt-on acquisitions and mainly staying “IPO ready,” the company’s Senior Vice President of Finance said Oct. 3 at Hart Energy’s Energy Capital Conference (ECC) in Dallas.
Aethon, Murphy Refinance Debt as Fed Slashes Interest Rates
2024-09-20 - The E&Ps expect to issue new notes toward redeeming a combined $1.6 billion of existing debt, while the debt-pricing guide—the Fed funds rate—was cut on Sept. 18 from 5.5% to 5%.
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.