Brigham Minerals, a Texas company with operation underway in the Anadarko Basin of Oklahoma announced Monday it made yet another acquisition in the Permian Basin.
The Austin-based company said it acquired nearly 3,900 net acres from Avant Natural Resources, LLC of Denver in a $132.5 million agreement. The land in question is in the core of the Midland Basin in Martin and Midland Counties. The acquisition included 253 gross wells spud over the last 12 months with 2023 totaling between 750 – 950 boepd with 60% oil.
Brigham said it intends to finance the acquisition through a combination of cash on hand and borrowings under the firm’s revolving credit facility. Closing is anticipated in mid-October.
Robert M. (“Rob”) Roosa, Chief Executive Officer, commented, “Our patient and disciplined approach allowed us to capture the opportunity to significantly increase our Midland Basin footprint under highly active, top performing operators including Endeavor, Pioneer and ExxonMobil, who in total are operating more than 40 rigs in the basin.”
Brigham Minerals is an Austin, Texas, based company that acquires and actively manages a portfolio of mineral and royalty interests in the core of some of the most active, highly economic, liquids-rich resource basins across the continental United States. Brigham Minerals’ assets are located in the Delaware and Midland Basins in West Texas and New Mexico, the Anadarko Basin of Oklahoma, the DJ Basin in Colorado and Wyoming, and the Williston Basin in North Dakota.
Source: press release