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U.S. Energy Development Corporation, an exploration and production company based in Arlington, announced the acquisition of three separate asset packages totaling more than $60 million in the core of the Permian/Delaware Basin region. The new acquisitions involve partnering with highly regarded operators in 17 new wells spanning a three-county area.
"We are very pleased to acquire three new asset opportunities in the Permian Basin," said Jordan Jayson, chairman and CEO of U.S. Energy, in a statement. "With this expanded well count, we anticipate approximately $100 million of new production to come online by the end of the calendar year."
In addition to the new project acquisitions, U.S. Energy, whose focus is on development of energy projects throughout North America, expects to acquire an additional $400-$500 million in assets on behalf of itself and its partners across multiple basins over the next 18-to-24 months, according to a press release.
The Permian Basin is one of the oldest and most widely recognized oil and gas producing regions in North America. It covers approximately 86,000 square miles across New Mexico and Texas. The Permian is divided into three main sub-basins: Midland Basin, Central Basin Platform, and Delaware Basin.