Lime Rock Resources, acquirers and operators of producing oil and gas properties in the United States, announced that it has reached a definitive agreement to buy oil and gas properties in the Delaware Basin of Texas for $508.3 million from a private seller. The transaction is expected to close on September 30.
The acquired property is primarily in Loving County, Texas. As of the April 1, 2021 transaction effective date, the property was producing 15,163 barrels of oil equivalent per day.
Eric Mullins, Chairman and CEO of Lime Rock Resources, said, “The high volatility in the energy business over the last 18 months has created some unique opportunities in the oil and gas property market. This acquisition is one of those opportunities, which fits quite well the Lime Rock Resources acquisition strategy.” Charlie Adcock, Vice-Chairman of Lime Rock Resources, added, “We look forward to taking over operations in a few months to optimize existing production and pursue other value-creating initiatives.”
