Energy Hunter Resources Acquires 9,413 Net Acres In The Permian Basin

Energy Hunter Resources, Inc., an exploration and production company with a balanced portfolio of oil and natural gas properties located in the Permian Basin and Eagle Ford Shale regions and headquartered in Dallas, Texas (www.energyhunter.energy), announced today that it has entered into a definitive agreement with Lubbock Energy Partners, LLC to acquire approximately 9,413 net acres located in the San Andres oil play of the Central Basin Platform portion of the Permian Basin in a 50/50 cash and restricted stock transaction valued at approximately $22.6 million.

Transaction Highlights

  • Approximately 9,413 net acres located in Cochran County, Texas
  • Low acquisition cost 
  • 100% of the acreage block is held by existing production (vertical wells) 
  • The San Andres formation is part of the Northwestern Shelf of the Permian Basin 
  • Over 31 identified horizontal drilling locations and numerous vertical recompletion
  • opportunities
  • 97-100% WI being acquired 
  • Positive drilling economics down to $30 per barrel
  • 160 vertical producer wells, extensive production facilities, active infrastructure including salt water disposal wells ("SWD") and facilities

http://www.itbusinessnet.com/article/Energy-Hunter-Resources-Acquir...

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