Parsley Energy adds Permian basin acreage

Corrections to production rates and well totals were made in this article on Aug. 27.

Parsley Energy Inc., Midland, Tex., has agreed to buy from “multiple sellers” undeveloped and productive acreage in Reagan County, Tex., for a total of about $252 million.

The company described the acquisitions as “bolt-on assets” adjacent to Permian basin land on which it operates, specializing in the stacked-pay fairway of the Spraberry, Wolfberry, and Wolftoka trends.

The new acquisition involves 5,472 net acres, 100% operated with average royalty of 23% and average working interest of 98%. The acreage has 157 net horizontal drilling locations and nine horizontal wells in different stages of development with three wells on one pad.

Estimated net production at closing is 1,800 boe/d.

Parsley said equipment is in place to support current horizontal drilling. Two wells are to be completed by year end, and the first new horizontal well will be spudded in the first quarter of 2015, it said.

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