The company also has the option to buy the remaining stake for $261 million by 18 March.
The property in Ector and Midland counties has 67 producing wells with 13 more awaiting completion, with total production of 1050 barrels of oil equivalent in the third quarter of 2012.
Proved reserves are estimated at 5.1 million barrels of oil equivalent.
The company sees opportunity for "45 vertical drilling locations targeting the Wolfberry interval and 69 uphole recompletion opportunities," it said in a statement.
"Additional
