$1 billion Sale in Permian Basin

The money’s flowing as much as the oil when it comes to the Permian Basin in West Texas.

Oasis Petroleum in Houston is paying nearly $1 billion for thousands of acres in the Delaware Basin.  The purchase from Forge Energy based in San Antonio involves 20,300 net acres.

It is a $946 million deal including $483 million in cash and 46 million shares. The land in question is in Loving, Ward, Winkler and Reeves counties and pumps 3,500 barrels of oil equivalent a day.

“Our new Permian Assets deliver a consolidated position in the deepest and highest pressured part of the Delaware in the heart of the oil window,” Oasis CEO Tommy Nusz said in a statement.

Oasis also anticipates selling other acres it describes as “unimportant” in the Williston Basin and expects to receive $500 million next year.

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