The Woodlands-based Earthstone Energy said April 1 it agreed to two deals to acquire privately held, operated assets in Midland Basin from Tracker Resource Development and an affiliate and also from affiliates of Sequel Energy Group. Aggregate purchase price is about $126.5 million.
Assets include low-cost, stable, producing assets in complementary location to Earthstone operated assets with current net production of 7,800 boed (21 percent oil, 59 percent liquids) from 71 wells (30 horizontal, 41 vertical) on 20,300 net acres in Irion County. Earthstone also identified 49 horizontal Wolfcamp locations on the Tracker acreage. Closing is expected in 2021Q3 for Earthstone’s second Midland Basin transaction in less than five months.