Dallas-based Granite Ridge Resources said recently in an operational update it closed multiple transactions in second quarter that added 16.4 net future drilling locations for $22.4 million. And in traditional non-op, Granite Ridge acquired 51 gross (4.7 net) future drilling locations in Delaware, Midland and three other basins for a total cost of $12.6 million.
In Delaware Basin, Granite Ridge acquired 10 gross (7.7 net) locations for $6.4 million.
And in Midland Basin, Granite Ridge acquired 8 gross (4.1 net) future drilling locations for $3.4 million.
Granite Ridge is a scaled, non-operated oil and gas exploration and production company with a portfolio of acreage in Permian and four other unconventional basins. The company said 2Q production was 23,106 boed (47 percent oil) – up 7 percent from 2023Q2.
Luke Brandenberg, president and CEO, said Aug. 8, “While our traditional non-op business continued to generate high quality locations with near term development at an attractive cost basis, it is our controlled capital strategy that stood out. By nearly doubling our operated location inventory and adding a Midland Basin-focused strategic partner, we continue to increase our capital allocation to controlled capital projects.”