Oklahoma City-based Mach Natural Resources said Thursday it has acquired oil and gas assets totaling about $1.3 billion to mark entry into Permian Basin and San Juan Basin to complement its existing operations in Mid Continent. The acquisitions from Sabinal Energy and entities owning oil and gas assets managed by IKAV Energy will nearly double Mach’s production from 81,000 boed to about 152,000 boed and grow its acreage by 700,000 acres or about 33 percent to 2.8 million acres.
Tom L. Ward, CEO, said, “We significantly enhance our scale and gain strategic multi-basin positioning all while maintaining a resilient balance sheet… The transactions are expected to be immediately accretive to our cash available….”
Permian assets, acquired for $500 million, include about 130,000 net acres. Production in 1Q was about 11,000 boed (98 percent liquids). These assets lie on the Central Basin platform and its eastern, northern and northwest shelves. Closing is expected in Q3.
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