Dallas-based Elk Range Royalties said recently it acquired Newton Financial Corp., Concord Oil and Mission Oil. Collectively they own mineral and royalty interests across the Permian Basin in west Texas and Eagle Ford in south Texas. The company’s announcement said, “This strategic transaction expands Elk Range’s footprint across premier oil and gas producing regions in Texas.”
The deal includes about 13,500 net royalty acres in Permian (4,500 acres), Eagle Ford (3,000 acres) and additional assets across Texas. Key operators include ExxonMobil, Apache, Diamondback, Occidental, ConocoPhillips and Continental, who have spudded an average of 148 wells a year on the properties since 2021. The assets also include 28 DUC wells and 76 permits with 2,800 identified undeveloped locations.
Charlie Shufeldt, CEO, said Jan. 29, “Closing this deal underscores our commitment to acquiring high-quality royalty assets in some of the most active basins, blending immediate cash flow with long-term development opportunities.” Elk Range buys mineral and royalty interests across multiple U.S. basins with a portfolio exceeding 58,000 net royalty acres and interests in more than 13,500 producing wells.