Basin Properties Announces Sale of Ranches and Accelerated Water

MIDLAND, Texas, May 1, 2025 /PRNewswire/ -- Basin Properties announced the sale of its interests in two ranches in Lea County, New Mexico as well as Accelerated Water to an undisclosed buyer for $180 million, inclusive of interests owned by its joint venture partner. The ranches include nearly 72,000 surface acres in a geologically favorable part of the Delaware Basin, while Accelerated Water, Basin's service subsidiary, sold over 43.5 million barrels of water for oil and gas operations in 2024.

The sale represents a full exit for Basin Properties, which was formed in 2018 when the ranches were acquired and merged with Accelerated Water, a leading water source and transfer business operating in New Mexico near the Texas state line. Basin Properties was formed with capital from Lime Rock Partners and management team members from private E&P companies operating in the Permian Basin.

J McLane, Managing Director and Chief Investment Officer of Lime Rock Partners, said, "In 2018, we observed a growing shortage for water and infrastructure in the New Mexico side of the Delaware Basin, one of the most prolific areas for oil and gas development in the United States. This thesis largely played out with robust water sales and surface related revenues by Basin. We are grateful for the hard work and excellent execution by the Basin management team."

About Basin Properties

Basin Properties is a Midland, Texas-based surface and oilfield water midstream company focused on water sourcing and transfer services in the Delaware Basin. It was established in 2018.

About Lime Rock Partners

Since its inception in 1998, Lime Rock Management has raised over $10.0 billion in private equity funds and affiliated co-investment vehicles for investment in the energy industry through three strategies: Lime Rock Partners, investors of growth capital in E&P and oilfield services companies; Lime Rock Resources, acquirers and operators of oil and gas properties in the United States; and Lime Rock New Energy, investors of growth capital in products and services companies in the energy transition. For more information, please visit www.lrpartners.com.

Advisors

Vinson & Elkins LLP acted as legal counsel to Basin Properties.

Raymond James Investment Banking acted as financial advisor to Basin Properties.

SOURCE LIME ROCK PARTNERS