Fort Worth-based HighPeak Energy said Feb. 22 it is acquiring oil and gas properties contiguous to Flat Top in Borden and Howard counties from private sellers in deals valued at $160.6 million. Midland Basin pure play HighPeak is adding about 9,500 net acres with estimated production of 2,500 boed along with 40 horizontal drilling locations, 3 saltwater disposal wells, in-field produced fluid pipelines, and rights to 35,000 b/d of local non-potable water.
“We will take advantage of the present environment and our current rates of return by continuing our robust drilling program and potentially adding an additional drilling rig,” Jack Hightower, chairman and CEO, said. The acquired properties are set “for immediate development with related gathering infrastructure in place.”