US INDEPENDENT Concho Resources is expanding its footprint in the Midland sub-basin of the West Texas Permian basin by 40,000 net acres through a $1.6 billion acquisition from privately held Reliance Energy.
Analysts said the move showed the strength of the acreage market in the play.
The acquisition also includes around 10,000 barrels of oil equivalent per day from 326 vertical wells and 44 horizontal wells, only one of which was completed in 2016.
