1979 Royalties, subsidiary of Midland-based Endeavor Energy Resources, said last week it acquired oil and gas mineral and royalty interests in Midland Basin from Peacemaker Royalties, portfolio company of EnCap Investments, for $61 million. The divested properties cover about 5,000 net royalty acres in Dawson and Martin counties operated by Endeavor and Ovintiv. The assets contain 218 producing wells and an additional 50 near-term DUC wells. The properties are 15 percent developed horizontally and contain about 500 additional undeveloped locations across seven primary horizontal targets.
John Phillips, commercial land manager for 1979 Royalties, said Sept. 28, “This acquisition of mineral and royalty assets on and surrounding our northern Midland Basin operating position is an exciting opportunity to enhance our net revenue interest and margins while also gaining exposure to a rapidly developing extension of multiple prolific, highly profitable horizontal targets.”