Midland-based Colgate Energy Partners, portfolio company of Natural Gas Partners, said June 1 it agreed to acquire most of the assets of Delaware Basin driller Luxe Energy in an all-stock deal. Colgate acquired 22,000 net acres adjacent to its existing position in Reeves and Ward counties with current average net production of 17,000 boed, about 5,000 gross surface acres and 1 rig running focused on Luxe’s Ward County position.
Colgate said its Permian portfolio now spans about 57,000 net acres with net production of 45,000 boed and 4 active rigs. James Walter, co-CEO, said, “The acquisition of Luxe is a transformational event that positions Colgate as one of the largest private companies in the Permian.”