The asset package includes 12,000 acres in the Red Hills area in Lea County, New Mexico, and 2500 barrels of oil equivalent per day (69% oil) of current production.
The remaining acreage lies in northern Lea and Eddy counties.
“Our evaluation provides for multiple opportunities to enhance value through increased density development on multi-well pads as well as additional zones beyond the Avalon shale, Wolfcamp shale and the emerging Wolfcamp sands,” chief executive Tim Leach said.
Midland-based
