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Lime Rock Resources to Buy Oil/Gas Properties for $508M
Lime Rock Resources, acquirers and operators of producing oil and gas properties in the United States, recently reached a definitive agreement to buy oil and gas properties in the Delaware Basin of Texas for $508.3 million from a private seller. The transaction is expected to close on September 30.
“The high volatility in the energy business in the last 18 months has created some unique opportunities in the oil and gas property market,” says Eric Mullins, chairman and CEO of Lime Rock Resources. “This acquisition is one of those opportunities which fits quite well the Lime Rock Resources acquisition strategy.”
The acquired property is primarily in Loving County, TX. As of April 1, 2021, the property was producing 15,163 barrels of oil equivalent per day.
“We look forward to taking over operations in a few months to optimize existing production and pursue other value-creating initiatives,” adds Charlie Adcock, vice chairman of Lime Rock Resources.
- ◦Sale/Acquisition
