Tulsa-based Alliance Resources Partners said June 24 it has an agreement with Wing Resources to acquire oil and gas mineral interests in Midland Basin for $145 million. The transaction involves about 9,000 net royalty acres with exposure to more than 400,000 gross acres. There are 783 gross horizontal wells producing on the acreage delivering about 406 boed (70 percent oil, 14 percent NGLs). The acreage also has an additional 441 DUC wells and 279 permits. Alliance said after the acquisition it will have 51,000 net royalty acres (47 percent in Permian Basin).
Joseph W. Craft III, chairman, president and CEO, said, “The Wing acquisition enhances our already significant position in the prolific, liquids-rich Permian Basin.”