Parallel LP, a subsidiary of Parallel Petroleum Corp., Midland, Texas, (Nasdaq: PLLL) has completed a portion of its acquisition of producing and undeveloped properties from six of 10 unaffiliated parties for a combined price of $20.8 million. The closings represent approximately 2.9 million barrels of oil equivalent of the total 6.4 million barrels of oil equivalent of proved reserves being acquired for a total purchase price of approximately $44.5 million. Several more closings are expected by mid-January. The acquired properties are in the Permian Basin of West Texas and have current gross production from 35 wells of approximately 650 barrels of oil equivalent per day (440 barrels of oil equivalent, net). Parallel will acquire, own and operate a 90% working interest and 67.5% net revenue interest in the properties. The properties include approximately 6,100 gross acres in Andrews and Gaines counties, Texas. Approximately 1,300 gross acres of the total leasehold have been developed.
Recommended Reading
Shell Taps Bloom Energy’s SOEC Technology for Clean Hydrogen Projects
2024-03-07 - Shell and Bloom Energy’s partnership will investigate decarbonization solutions with the goal of developing large-scale, solid oxide electrolyzer systems for use at Shell’s assets.
Chevron, Brightmark JV Opens RNG Facility in Arizona
2024-04-10 - Eloy RNG produces RNG using anaerobic digesters at the Caballero Dairy in Arizona, Brightmark said April 10.
Tangled Up in Blue: Few Developers Take FID on Hydrogen Projects
2024-04-03 - SLB, Linde and Energy Impact Partners discuss hydrogen’s future and the role natural gas will play in producing it.
Braya Renewable Fuels Begins Commercial Operations at Revamped Refinery
2024-02-23 - The Come By Chance refinery in Newfoundland and Labrador produces renewable diesel instead of petroleum diesel.
One Man's Trash? Treasure of RNG Prospects Available for Waste Facilities
2024-02-21 - About 4.4% of current U.S. fossil gas demand could be displaced by RNG from waste, a new Deloitte report shows.