Arlington-based U.S. Energy Development Corp. said last week it recently acquired 25 percent working interest in the Mascot project in Midland Basin for $225 million cash and other considerations. Mascot in Midland County includes multiple producing properties, associated midstream assets and about 50 undeveloped locations expected to produce 6,500 boed in 2023. It is majority owned by Midland Petro DC Partners and operated by Permian Deep Rock Oil Co., an affiliate of MPDC.
Jordan Jayson, CEO, said April 26, “Our investment in the Mascot project deepens our ties in the Permian Basin and highlights our continued strategy to acquire high quality assets with proven operators in the basin.” Jayson said full development of the project will require an additional $130 million in capital expenditures over the next two years.
The company, a privately held exploration and production firm established in 1980, anticipates operating a 1-to-2 rig program in Midland Basin during the second half of 2023.