Alliance Resources Partners LP, Tulsa, has entered a definitive agreement to acquire oil and gas interests in the Permian basin from Wing Resources LLC and Wing Resources II LLC, Dallas, for $145 million in cash.
The deal covers 9,000 net royalty acres in the Midland basin with exposure to more than 400,000 gross acres there. The acreage encompasses 783 gross horizontal wells producing an average 468 boe/d of oil and gas—70% oil and 14% NGls—net to the Wing interests.
The acreage also has an additional 441 drilled but uncompleted wells and 279 permits.
After the acquisition, Alliance Resources will directly own about 51,000 net royalty acres—47% in the Permian basin, 40% in the SCOOP and STACK plays of Oklahoma, 8% in the Bakken shale play, and 5% in the Appalachian basin.
It also indirectly owns 3,950 net royalty acres through its limited partner interest in AllDale Minerals III LP.