U.S. Energy Development Corp. recently acquired a $50 million asset in the core of the Permian Basin, marking the firm’s fifth major deal in the calendar year.
Based in Arlington, Texas, U.S. Energy is an E&P firm providing direct investments in energy. Since its launch in 1980, the firm has deployed more than $1.5 billion on behalf of its partners through aggressive acquisition and development of oil and natural gas projects throughout North America, including the Permian Basin.
U.S. Energy announced its latest acquisition in a company release on Sept. 8. The deal includes a project located in Loving County, Texas, in the core of the Delaware Basin with wells targeting three of the basin’s most prolific benches, according to the release, including the 3rd Bone Spring, Wolfcamp A and Wolfcamp XY.
The transaction, with an undisclosed seller, brings U.S. Energy’s total investment in the Permian Basin over the past year to $135 million. The firm has previously said it intends to reach $150 million in projects within the Permian Basin by year-end 2021.
On Sept. 8, U.S. Energy said it is planning to invest an additional $400 million among the Permian, Powder River, Eagle Ford and Denver-Julesburg Basins over the next two years.
Recommended Reading
SLB, OneSubsea, Subsea 7 Sign Collaboration Deal with Equinor
2024-05-02 - Work is expected to begin immediately on Equinor’s Wisting and Bay Du Nord projects.
Less Heisenberg Uncertainty with Appraisal Wells
2024-03-21 - Equinor proves Heisenberg in the North Sea holds 25 MMboe to 56 MMboe, and studies are underway for a potential fast-track tieback development.
Equinor Says EQT Asset Swap Upgrades International Portfolio
2024-04-30 - Equinor CFO Torgrim Reitan says the company’s recent U.S. asset swap with EQT Corp. was an example of the European company “high-grading” its international E&P portfolio.
E&P Highlights: Feb. 26, 2024
2024-02-26 - Here’s a roundup of the latest E&P headlines, including interest in some projects changing hands and new contract awards.
NOD Approves Start-up for Aker BP’s Hanz Project
2024-02-27 - Aker BP expects production on the North Sea subsea tieback to begin production during the first quarter.