Mach Natural Resources LP, Oklahoma City, agreed to acquire from EnCap Investment portfolio company Paloma Partners IV LLC certain interests in oil and gas properties, rights, and related assets in Oklahoma for $815 million.
The deal comprises about 62,000 net acres in the Anadarko basin in Canadian, Grady, McClain, Caddo, Custer, Dewey, Blaine, and Kingfisher Counties, Oklahoma, about 76% in the Canadian and Grady Counties, Mach Natural Resources said in a release Nov. 13. Recent production is about 32,000 boe/d (23% oil, 57% liquids).
Mach Natural Resources expects to add 1 rig on the newly acquired assets in addition to its current 2 rig development program while remaining under a 50% reinvestment rate, the company said. Paloma is currently running 1 rig in Grady County with 6 additional wells expected to be completed between the deal’s effective date of Sept. 1 and the expected closing date of Dec. 29, 2023.
