Midland-based BCP Resources said last week it acquired assets from a wholly owned subsidiary of Chord Energy that span 16 fields on the central basin platform in Permian Basin. BCP Resources is focused on conventional growth, and the assets are “a strategic fit, delivering stable cash flow and low decline rate production from proven reservoirs with significant life remaining.” Operations include 153 producing wells in six counties with the majority in Winkler County. BCP said June 8 that all “carry a significant acreage position for future development as well as multiple secondary and tertiary recovery targets.” Purchase price was not announced.
Non-operated properties and mineral interests also are included in the deal with the majority in Texas but also New Mexico, Oklahoma and Michigan. The acquisition adds 1.3 million boe of net proved developed producing reserves (84 percent liquids).
Barry Portman, CEO of BCP Resources, told Hart Energy, “We feel like we can boost our production 50 to 100 percent in the next year.” BCP Resources is privately funded and operates existing assets for BCP Corp. and Lodestone Energy Partners. The deal grew BCP Resources’ Permian position from 640 acres to 15,818 acres and boosted gross production from 740 boed (63 percent liquids) to 2,280 boed (78 percent liquids).
Chord is divesting non-core assets in Permian Basin to streamline its portfolio. It was formed last year through the merger of Whiting Petroleum and Oasis Petroleum.