Fort Worth-based U.S. Energy Development Corp. said this week it acquired 20,000 net acres in Reeves and Ward counties in Permian Basin for $390 million from an undisclosed seller. U.S. Energy Development said the deal includes a proved producing component and expands the company’s Permian holdings while increasing its multi-bench, multi-year drilling inventory.
The company’s announcement said the transaction is the largest single acquisition in its 45-year history. USEDC plans to run a dedicated drilling rig on the new assets.
Jordan Jayson, chairman and CEO, said April 15, “This transaction greatly enhances the overall quality and resilience of our portfolio, supplementing our reserves with additional proved producing assets, adding years of multi-bench drilling inventory, and expanding our operated economies of scale.”