HOUSTON, July 26, 2021 /PRNewswire/ -- Lime Rock Resources, acquirers and operators of producing oil and gas properties in the United States, announced today that it has 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 acquired property is primarily in Loving County, Texas. As of the April 1, 2021 transaction effective date, the property was producing 15,163 barrels of oil equivalent per day.
Eric Mullins, Chairman and CEO of Lime Rock Resources, said, "The high volatility in the energy business over the last 18 months has created some unique opportunities in the oil and gas property market. This acquisition is one of those opportunities, which fits quite well the Lime Rock Resources acquisition strategy." Charlie Adcock, Vice-Chairman of Lime Rock Resources, added, "We look forward to taking over operations in a few months to optimize existing production and pursue other value-creating initiatives."
About Lime Rock Resources
Based in Houston, the Lime Rock Resources team acquires, operates, and improves producing oil and gas properties in the United States. The team has acquired properties in select oil and gas basins nationwide as it seeks to provide its investors with attractive long-term returns. Established in 1998, Lime Rock Management has raised $8.9 billion in private equity funds for investment in the energy industry through Lime Rock Resources and Lime Rock Partners, investors of growth capital in E&P and oilfield services companies.
For more information, please visit www.limerockresources.com.
SOURCE Lime Rock Resources