Houston-based startup Spur Energy Partners and investment firm KKR said Tuesday they formed a partnership to acquire Permian northwest shelf assets of Houston-based Percussion Petroleum and other assets across the lower 48 states. The acquisition includes interests in 380 gross producing wells and 22,000 net acres in the Yeso formation in Eddy and Lea counties in New Mexico and associated water and midstream assets. In 2019Q1 the assets produced 9,200 net boed (85 percent liquids). The deal is expected to close in 2019Q2.
Jay Graham, Spur CEO, said, “We look forward to working together as we make our first investment in this high-quality asset with a strong existing production base and attractive development potential.” The Midland Reporter Telegram said Spur Energy initially will focus on the New Mexico portion of the Permian Basin.
