Parsley Energy Inc. (NYSE: PE) tacked on more acreage to its premier Midland Basin position in Glasscock County in West Texas, according to an Oct. 7 press release.
The Austin, Texas-based company acquired working interests covering 50 net acres in the horizontal Wolfcamp trend of Glasscock from Mexco Energy Corp. (NYSE: MXC). Parsley paid about $2.2 million in cash for the interest.
The transaction was part of a sale by several co-owners of 11,672 gross (9,140 net) acres containing 67 gross (60 net) vertical wells with net production of 270 barrels of oil equivalent plus five disposal wells and existing infrastructure, Mexco said.
Mexco, based in Midland, Texas, plans to use proceeds from the sale to lower bank debt and for working capital.
Parsley holds about 90,306 net leasehold acres in the Midland and 42,485 net leasehold acres in the Delaware Basin in West Texas, according to the company's September presentation.
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