Oil prices at five-year lows are crimping cash flow for energy producers, which are selling shares to fund spending plans.
Caza, of The Woodlands, Texas, was to drill an initial horizontal Wolfcamp well on the Reeves County acreage.
The shale gas company’s deal comes after executives have said they want to sells assets to reduce debt.
The leases are specifically located in Crockett County, Texas, and include six horizontal wells currently producing in the Wolfcamp Formation.
Transactions for D-J acreage double reserves, cash flow and production to 1,000 boe/d, enabling the company to become cash-flow positive.
Fresh off one of the busiest years for A&D in its history, the Canadian oil and natural gas producer is seeing opportunities in the crude price collapse.
PEDEVCO, doing business as Pacific Energy Development (PED), also announced that it acquired about 13,000 net acres in the Denver-Julesberg Basin, alomst entirely in Weld County.
Memorial Resource Development consolidates into North Louisiana territory after trade of its East Texas and noncore Louisiana assets.
The company is also seeking a JV partner and leadership is considering the sale of selected assets in the Marcellus.
EOG will complete 45% less wells in 2015 compared to 2014.
About 70% of those surveyed late last year expect more M&A in 2015.
Four executives talk about the art of exiting a deal.