9,000 Permian Acres Go to Energy Hunter for About $20 Million

December 5, 2017

 

Energy Hunter Resources Inc. is buying more than 9,000 acres in the Permian Basin from an undisclosed buyer for about $20 million.

The Dallas-based company said Monday it’s reached an agreement, along with some institutional investors, for the 9,413 net acres in the Slaughter-Levelland Field of the San Andres oil play.

There are 45 potential horizontal well locations in the acreage according to initial reservoir modeling, Energy Hunter said, with all of the acreage block held by producing vertical wells.

Gary C. Evans, Chairman and Chief Executive Officer of Energy Hunter Resources said, “The closing of our first San Andres acquisition positions our Company in one of the lowest cost and most economic oil plays in the United States today.

Evans continued, “In addition to the 9,413 net acres acquired in Cochran County, Texas, the acquisition also included approximately $5 million of infrastructure that contains more than 160 wells, production facilities, oil and natural gas gathering lines, injection pumps, power stations and electricity lines and salt water disposal wells (“SWD”).