Dallas-based Texas Pacific Land Corp. said last week it acquired additional oil and natural gas mineral and royalty interests in Permian Basin for $286 million. The interests span across about 7,490 net royalty acres primarily in Martin (2,220 acres) and Midland (2,080 acres) counties. TPLC said more than 80 percent of the acquired assets are adjacent to or overlap its existing surface and royalty acreage with current production of about 1,300 boed (78 percent liquids).
Tyler Glover, CEO, said Oct. 2, “This acquisition significantly expands TPLC’s net royalty acreage in the Midland Basin with the acquired assets located in some of the highest quality subregions prospective for multiple proven formations. The acreage is predominately operated by premier upstream companies such as Exxon, Diamondback, Occidental and ConocoPhillips.”
Glover said 12 rigs currently are active on the acquisition from an undisclosed seller. TPLC is one of the largest landowners in the state with about 873,000 acres in west Texas (majority in Permian Basin).