Vitol Inc.’s US upstream company, VTX Energy Partners LLC, has agreed to acquire Delaware Basin Resources, Midland, Tex., and associated surface and water businesses, the company said in a release Jan. 19. A purchase price was not disclosed.
The deal is VTX’s first acquisition since the partnership was established by Vitol and VTX in 2022. Assets to be acquired comprise of 35,000 net leasehold acres and 46,000 surface acres across Reeves and Pecos counties in the Delaware basin, with current daily production of about 40,000 boe/d, Vitol said.
Delaware Basin Resources, a portfolio company of Stellus Capital Management, was formed in December 2009 to develop a largely contiguous acreage position primarily in Reeves County, Texas, in the southern Delaware Basin oil-weighted resource play. The company had been focused on horizontal development in multiple benches of the Wolfcamp interval, according to the capital provider’s website.
VTX Energy Partners is the successor company to ATX Energy Partners, an Austin-based oil and gas company pursuing an acquisition and development strategy in the US Lower 48. Vitol described VTX as a complement to Vencer Energy, Vitol’s existing upstream partnership in the Midland basin (OGJ Online, July 22, 2020).