Oklahoma City-based Riley Exploration Permian said Tuesday it agreed to acquire oil and gas assets in Permian Basin from Pecos Oil & Gas, affiliate of Cibolo Energy Partners, for $330 million. The assets in Eddy County, N.M., include 11,700 contiguous net acres (99 percent held by production), current production of 7,200 boed (4,200 b/d oil), more than 100 gross horizontal drilling locations, and ownership of water gathering and disposal infrastructure.
“We’re excited to add this prolific asset and new region to our portfolio,” Bobby Riley, CEO and chairman, said Feb. 28. “This is an under-developed asset with extensive development potential.”
