Midland-based MCM Delaware Resources said last week it closed acquisition of crude oil and natural gas assets from Battalion Oil Corp. at a reported $62.59 million. The assets include 6,207 net acres in West Quito Draw area of Ward County in the southern Delaware Basin. The transaction “expands MCM’s position across multiple benches and adds meaningful operated inventory, an established production base and significant development upside to its existing footprint in Ward County.” MCM plans to immediately integrate the Battalion assets into its development program.
Miles McPherren, CEO, said Feb. 25, “We are expanding our core position in Ward County and materially increasing our operated inventory. Our focus is on building a scaled development program in Ward County with repeatable drilling opportunities across multiple zones.”
Houston-based Battalion earlier said it terminated its gas treating agreement with Wink Amine Treater and adopted a new agreement with an unnamed large-cap, publicly traded midstream company to process its gas.