Hosuton-based EagleRock Land last week said it acquired Intrepid Ranch from Hydrosource Logistics for $78.2 million. Intrepid Ranch is comprised of about 50,000 surface acres adjacent to EagleRock’s existing position in Lea County, N.M. The acquisition includes about 22,000 fee acres, representing an increase of about 60 percent to EagleRock’s existing fee acreage in New Mexico.
EagleRock said it “intends to apply the active management approach it has used successfully elsewhere in its portfolio,” including renegotiating and modernizing mutually beneficial surface use agreements, optimizing and expanding water infrastructure and water rights, and unlocking additional royalty opportunities including sand development.
The acreage includes several million barrels per year of currently producing commercial water rights, several million barrels of above-ground storage capacity, saltwater disposal wells, caliche pits and permitted sand mines.
EagleRock, a land management company, owns or controls about 286,000 acres in Delaware and Midland basins.