U.S. Energy Doubles Down on the Permian Basin

U.S. Energy Development Corporation, an exploration and production firm, recently acquired another Permian Basin property for $14.1 million, bringing the firm’s total investments to $86 million within the past year. The new project is located in Reeves County in the core of the Delaware Basin and targets the Wolfcamp Shale.

“The Permian Basin continues to be an area where we actively pursue investment opportunities on behalf of our partners,” said Jordan Jayson, CEO and chairman of the board for U.S. Energy. “We are on track to continue making investments in this area and intend to reach $150 million in projects by year-end 2021.” The Permian Basin is one of the oldest and most widely recognized oil and gas producing regions in North America. It covers approximately 86,000 square miles across New Mexico and Texas. The Permian is divided into three main sub-basins: Midland Basin, Central Basin Platform and Delaware Basin.