Stafford-based Scorpion Oil and Gas said recently it closed on a transaction with an undisclosed leading independent for entry into the Permian Basin. Scorpion acquired nearly 6,000 acres (gross) in Lea County in New Mexico with current production of about 400 boed (85 percent oil). The privately-held company said the assets, comprised of vertical and horizontal wells dating back to the 1950s, will more than double its oil and gas production and provide “a highly attractive platform for future investment across the basin.”
Nat J. Raggette, CEO, said Sept. 28 Scorpion is “thrilled to have an opportunity to acquire assets in Lea County, and we look forward to partnering with the New Mexico OCD and other operators in the area to grow our position as aggressively as we have grown in the past… With an acquisition of this size and scale, we believe it is the right time to expand the expertise of the Scorpion team.”