Permian Resources acquires assets in Lea, divests assets in Reeves, Eddy

Midland-based Permian Resources Corp. said Jan. 17 it recently made several portfolio management transactions, including acquisition of 4,000 net leasehold acres, 3,300 net royalty acres and 1,100 boed (73 percent oil) of net production primarily in Lea County, N.M., from an undisclosed seller for $98 million. James Walter, co-CEO, said, “The combined transactions high-grade our portfolio, adding 45 top-quartile locations, 4,000 net acres with significant development potential and 3,100 net royalty acres.” The largely undeveloped acreage is contiguous with one of the company’s core blocks in Lea County.
Permian Resources also announced divestiture of non-operated assets and certain water infrastructure in Reeves County – 3,500 net leasehold acres with production of 1,800 boed (44 percent oil) for $60 million – and divestiture of 300 net leasehold acres in Eddy County, N.M.