Split Rock in Permian Expansion
Split Rock Resources LLC has announced that it has acquired non-operated Permian Basin oil and gas assets from a “private seller” for a cash purchase price of $97.5 million.
The acquisition primarily consists of core non-operated assets located in the Delaware Basin in Eddy and Lea counties, New Mexico, as well as in the Midland Basin in Glasscock County, Texas, Split Rock Resources outlined. The assets are said to currently be producing approximately 2,000 barrels of oil equivalent per day and are said to include approximately 1,000 net acres with “substantial” drilling inventory targeting the Wolfcamp, Bone Spring and additional formations.
Split Rock Resources noted that the assets are operated by a “diverse group of top tier companies” and added that 2022 development activities are expected to increase daily production rates to over 4,000 barrels of oil equivalent per day.
Founded in 2018, Split Rock Resources is an affiliate of North Hudson Resource Partners LP and an independent oil and gas company based in Fort Worth, Texas. It is engaged in the acquisition and development of non-operated oil and gas assets primarily in the Permian Basin, DJ Basin and Haynesville Shale, according to its website.
In September 2019, Split Rock Resources announced the expansion of its oil and gas investment partnership with North Hudson Resource Partners LP with $140 million in total capital commitments. North Hudson Resource Partners LP is described as a Houston-based private equity firm focused on middle market upstream and midstream energy investments in North America.
According to its website, Split Rock Resources, together with North Hudson Resource Partners LP, currently owns interests in over 1,000 wells with 27 operating partners. Split Rock Resources’ top operators and partners include EOG Resources, Occidental Petroleum, PDC Energy and Civitas Resources, the company’s site highlights.
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