MCM Energy Partners LLC said it recently sold leasehold in Ward and Loving counties, Texas, as the privately-held Permian company continues to pare down its portfolio.
An undisclosed company agreed to acquire MCM Energy Partners’ acreage for $42 million, according to an MCM press release on Jan. 8.
Including the recent sale, MCM Energy Partners said it has sold over 4,800 net acres of operated and nonop leasehold in the Permian’s Midland and Delaware basins during 2018 for more than $90 million. The company will also add to that with the anticipated sale of Midland Basin leasehold for about $20 million expected to close in first-quarter 2019, the release said.
MCM currently owns roughly 1,320 net acres in the core areas of the Midland and Delaware basins, as well as 12,000 contiguous acres in central Pecos County, Texas. The Midland, Texas-based company was founded in 2009 by its CEO, Miles McPherren.