Peregrine Petroleum Partners Ltd. said May 11 it re-entered the Permian Basin less than a year since it sold out of the prolific basin in a deal with Concho Resources Inc. (NYSE: CXO).
In its re-entry, Peregrine closed a joint venture with an undisclosed company to develop a southern Permian resource asset. The terms of the transaction weren't disclosed.
In November 2016, Peregrine said it had elected to participate in the sale of its previous Permian assets along with its operating partner Reliance Energy Inc., which had agreed to sell its 40,000 net acres in the Midland Basin to Concho for $1.625 billion. The divestiture closed October 2016.
Peregrine, with offices in Houston and Dallas, is a private E&P focused in the Anadarko, Permian and Williston basins.
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