Arlington-based US Energy Development Corp. continues its expansion in the Permian Basin, announcing a new $60 million acquisition.
The company said this week it has acquired three separate asset packages in the core of the Delaware Basin. The new acquisitions will have the company partner with operators on 17 new wells across three counties.
Company officials anticipate that, with the expanded well count, approximately $100 million of new production will come online by the end of the year.
Last September the company acquired a $50 million asset in Loving County, with plans to add wells targeting the Third Bone Spring, Wolfcamp A and Wolfcamp XY benches. That acquisition came on the heels of the company's $14.1 million purchase of an asset in Reeves County, targeting the Wolfcamp Shale.
In August of 2021, the company entered into a joint venture with Atlantic Energy Partners to develop and operate three horizontal wells targeting the Wolfcamp Shale in Ward County, where earlier in 2021 the company had completed and put online a three-well pad at a development cost of $30 million.
US Energy Development spent $135 million in the Permian Basin from 2020-2021 and said it plans to acquire an additional $400 to $500 million in assets on behalf of itself and partners across multiple basins over the next 18 to 24 months.
Founded in 1980, U.S. Energy Development Corp. is a privately held exploration and production firm that manages assets for itself and its partners.
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September 18, 2022 at 01:48AM
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U.S. Energy Development Corp. continues its investment in Permian Basin - Midland Reporter-Telegram
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