Lime Rock Resources, Houston, reached a definitive agreement to buy oil and gas assets in the Delaware basin of Texas for $508.3 million from a private seller.
The acquired property is primarily in Loving County, Tex. As of the April 1, 2021 transaction effective date, the property was producing 15,163 boe/d. The deal is expected to close on Sept. 30.
In a July 26 statement, Charlie Adcock, vice-chairman of Lime Rock Resources, said the company looks forward to taking over operations “to optimize existing production and pursue other value-creating initiatives.”