Fort Worth-based U.S. Energy Development Corporation has made the largest acquisition in its 45-year history, buying roughly 20,000 acres in West Texas to boost its oil and gas operations in the oil-rich Permian Basin.
The land is in Reeves and Ward counties. The deal gives the company access to land that already has active oil and gas wells, plus room for years of future drilling.
“This transaction greatly enhances the overall quality and resilience of our portfolio, supplementing our reserves with additional proved producing assets, adding years of multi-bench drilling inventory, and expanding our operated economies of scale,” said Jordan Jayson, CEO and chairman of USEDC, in a statement. “These factors position USEDC for sustained, efficient growth and reinforce our commitment to delivering long-term value for our partners.”…