Elk Range Royalties follows Permian acquisition with 250,000 net acres from Oxy

Dallas-based Elk Range Royalties said recently it closed a deal to acquire 250,000 net royalty acres from affiliates of Occidental Petroleum for $905 million.  Elk said the assets in DJ Basin include a mix of current production, near-term activity through DUC wells (drilled but uncompleted) and long-term growth through undeveloped locations.  These include assets being developed by Chevron and Civitas Resources, who collectively account for more than half of the wells spudded in 2024.

Charlie Shufeldt, CEO, said March 21, “The DJ Basin presents some of the best operator economics in the U.S., and this acquisition positions us to capitalize on both near-term cash flow and long-term development potential.”  Elk has deployed more than $1.2 billion in capital since its launch in 2020, including assets in Permian Basin and Eagle Ford in Texas.

Elk Range Royalties buys mineral and royalty interests across multiple U.S. basins with a portfolio of more than 300,000 net royalty acres and interests in more than 23,500 producing wells.