Houston Oil And Gas Company Purchases More Than 50,000 Acres In Texas, North Dakota
Houston-based Lime Rock Resources has purchased two U.S. oil and gas properties for a total of $358.5M.
The company, which acquires and operates oil and gas properties, purchased land in North Dakota's Williston Basin from Abraxas Petroleum for $87.2M, as well as properties in Texas' Austin Chalk and Eagle Ford from a private seller for $271.3M.
The Williston Basin properties are 3,500 acres in McKenzie County, North Dakota, where Lime Rock Resources has had a presence since 2014. The Texas acquisition consists of 46,000 acres in Burleson, Milam and Robertson counties.
"We have been patient, acquiring only one small overriding royalty interest in the two years before this past October," Lime Rock Resources CEO Eric Mullins said in a release. "We believe that the nearly one billion dollars of acquisitions in the last several months testifies to changing market dynamics, a robust opportunity set, and our ability to work with sellers over many months on transactions that work for all parties."
Lime Rock Resources said it has acquired $850M in property since October.
Lime Rock Resources Vice Chairman Charlie Adcock said in the release the company was focusing on low-risk development.
Abraxas Petroleum, which sold the Williston Basin property, is selling assets to tackle its credit facility debt. It now has no debt, Seeking Alpha reported.
