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.
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