Arlington-based US Energy Development Corp. continues its expansion in the Permian Basin, announcing a new $60 million acquisition.
The company announced this week that it has acquired three distinct sets of assets in the heart of the Delaware Basin. The new acquisitions will allow the company to partner with operators on 17 new wells in three counties.
Company officials predict that with the increase in the number of wells, approximately $100 million of new production will come online by the end of the year.
Last September, the company acquired a $50 million asset in Loving County, with plans to add wells targeting Third Bone Spring, Wolfcamp A and Wolfcamp XY benches. This acquisition follows the company’s purchase of a $14.1 million asset in Reeves County, targeting the Wolfcamp Shale.
In August 2021, the company entered into a joint venture with Atlantic Energy Partners to develop and operate three horizontal wells targeting the Wolfcamp Shale in County Ward, where earlier in 2021 the company had completed and brought online a platform at three wells in one development. cost $30 million.
US Energy Development has spent $135 million in the Permian Basin from 2020 to 2021 and said it plans to acquire $400 million to $500 million in additional assets for itself and its partners in multiple basins over the course of the year. for the next 18 to 24 months.
Founded in 1980, US Energy Development Corp. is a privately owned exploration and production company that manages assets for itself and its partners.
