Despite the downturn in oil and gas prices, Houston-based Black Stone Minerals L.P. has made a $102 million purchase of 1.2 million acres of assets in Texas, Louisiana and Arkansas. The company made the purchase from Freeport-McMoRan Oil and Gas.
“This transaction is a great example of the type of package that Black Stone likes to acquire—a diverse set of mineral and royalty assets with existing production, near-term development opportunities, and meaningful exposure to attractive oil and gas provinces,” said Thomas L. Carter, Jr. President and Chief Executive Officer.
He said the majority of the assets are complementary to the company’s existing positions in the three states.
“The package includes acreage in both the Midland and Delaware basins that is well positioned for the Wolfcamp and Spraberry intervals as well as acreage in other resource plays,” added Carter.
The $102 million deal also includes 1.2 million gross/126,000 net mineral acres, 16,000 net NPRI acres and 11,000 net ORRI acres in 20 states with the significant concentrations in Texas, Louisiana and Arkansas. The estimated daily production is 850 Boe/d for the fourth quarter of 2015.
Closing is expected to be completed by the end of the second quarter of 2016.
