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Riley Permian Secures $330 Million Acquisition in Thriving New Mexico: A Strategic Move with Promising Returns04/19/2023
In a big move for Riley Permian, the company has just closed a deal to acquire top-of-the-line oil and gas assets in the heart of New Mexico. The acquisition, which was made in February, saw Riley Permian snapping up these highly sought-after resources from none other than Pecos Oil & Gas LLC for $330 million.
Exciting news from Riley Exploration Permian Inc.! The company has just announced the successful completion of its acquisition of premium oil and natural gas assets located in New Mexico. In a deal that was initially announced back in February, Riley Exploration has acquired:
- 11,700 contiguous net acres in Eddy County, New Mexico.
- Over 100 gross horizontal development drilling locations.
The acquisition, which was made from Pecos Oil & Gas LLC, an affiliate of Cibolo Energy Partners LLC, is set to significantly boost Riley Exploration's production capabilities. With a then-current production of 4,200 bbl/d (7,200 boe/d), the newly acquired assets are sure to help the company to achieve even greater success in the future.
And the best part?
Riley Exploration was able to secure this highly coveted acquisition for the bargain price of $330 million before customary purchase price adjustments. It's a smart move that's sure to pay off big time for the company and its shareholders.
Riley Exploration continues to make waves in the energy industry with its recent acquisition of prime oil and natural gas assets in New Mexico. And to finance this major deal, the company has just issued $200 million in new, senior unsecured notes.
This smart move is sure to pay off big time for Riley Exploration, as it now has the funding it needs to fully take advantage of the newly acquired assets.
Expectations: The Senior Notes will bear interest at an annual rate of 10.5% and will mature in April 2028.
Take a look at Pecos Oil & Gas LLC
Pecos Oil & Gas LLC is a dynamic energy company with a focus on developing premium oil and natural gas resources in the United States. The company has a track record of success in the industry, and it is well-known for its innovative approach to energy production, which emphasizes the use of cutting-edge technology to optimize production and reduce costs.
- The company has assets located in some of the most sought-after regions in the United States, including New Mexico and Texas.
- Pecos Oil & Gas LLC has acquired and developed more than 40,000 acres of oil and gas resources in New Mexico alone.
- The company's assets in New Mexico have a production rate of approximately 12,000 barrels of oil equivalent per day.
- Pecos Oil & Gas LLC has established strong partnerships with other leading energy companies, including Cibolo Energy Partners LLC, which is an affiliate of the company.
Before the recent acquisition, Riley Permian's assets included approximately 50,000 net acres in the Permian Basin, spanning across several counties in West Texas and southeastern New Mexico. The company has a significant presence in the Permian Basin, where it has been actively acquiring and developing assets since its inception.
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Permian Resources Secures a Major Deal in the Thriving Delaware Basin
Permian Resources bolsters dominance in the Delaware Basin with strategic land acquisitions, expanding its portfolio by over 5,000 net leasehold acres and 3,000 royalty acres. In a stunning display of growth and strategic maneuvering, Permian Resources Corp., based in Midland, Texas, has made waves in the first quarter by securing a series of deals worth over $200 million in the highly sought-after Delaware Basin. This move solidifies their position as a player in the region.
Breaking Barriers FireBird II, Empowered by Quantum Technology, Surpasses $500MM Funding Milestone for Permian Ventures
Following the success of FireBird Energy's $1.75 billion sale to Diamondback last year, the emergence of FireBird II signals a new chapter in the Permian Basin. Get ready for some exciting news from the energy industry. FireBird Energy II, the new player in the Permian Basin, has just secured $500 million in equity funding to fuel their acquisitions. With backing from the esteemed private equity firm Quantum Energy Partners, FireBird Energy II is poised to make waves in the industry.
Global oil supply and demand saw notable changes in April 2023. Liquids demand declined by 0.7 MMb/d to 99.9 MMb/d, with gains in China and Europe offset by reduced demand in Japan and the Middle East. OPEC 10 production remained stable at 29.5 MMb/d, while Saudi Arabia increased output by 0.3 MMb/d. Non-OPEC production declined slightly, Russian production dropped further, and US shale production remained steady. Combined production in Iran, Venezuela, and Libya remained unchanged. Commercial inventories increased, and OPEC+ implemented production cuts. Economic sentiment remains uncertain amid rising global inflation.
ONEOK Inc. and Magellan Midstream Partners LP have announced a merger agreement that will result in the formation of a formidable midstream company headquartered in Tulsa, Oklahoma. The deal will bring together their respective assets and expertise, resulting in a powerful entity boasting an extensive network of approximately 25,000 miles of pipelines primarily focused on transporting liquids.
Callon Acquires $1.1 Billion Delaware Assets and Bows Out of Eagle Ford - Here's What You Need to Know
Callon is set to purchase Percussion Petroleum's Delaware assets for $475 million while selling its Eagle Ford assets to Ridgemar for $655 million. In a strategic step to optimize its operations, Callon Petroleum recently made headlines by sealing two deals on May 3, totaling a staggering $1.13 billion. The company is taking confident steps to bolster its presence in the Delaware Basin while bidding farewell to its stake in the Eagle Ford Shale.