Irving-based HomeBound Resources said Aug. 10 it has acquired assets in Midland Basin in Glasscock, Martin, Midland and Reagan counties in Texas and Lea County in New Mexico for $4.4 million. The transaction includes 55 drilled wells and 106 acres of proven undeveloped reserves with about 50 locations and was made on behalf of an energy-focused investment fund through Resolute Capital Partners. The company said the average lifting cost is “below $15 per barrel.” Seller was not disclosed.
Stefan Toth, CEO of HomeBound, said, “As an opportunistic investor, we seek opportunities from distressed sellers, not distressed assets.” He said the deal involves “tier one, proved, developed, producing assets.” HomeBound, which manages more than 100,000 acres, is involved in primary and secondary production, acquisition, development and exploration of oil and gas projects in Texas and three other states.