Lime Rock Resources, acquirers and operators of producing oil and gas properties in the United States, announces two acquisitions.
It has acquired the Williston Basin properties of Abraxas Petroleum for $87.2 million. It has also acquired properties from a private seller in the Austin Chalk and Eagle Ford in Texas for $271.3 million. Over the last four months, the Lime Rock Resources team has made over $850 million in total property acquisitions.
The acquisition from Abraxas Petroleum consists of approximately 3,500 acres in McKenzie County, North Dakota. The Lime Rock Resources team has been an active operator in the Williston Basin since 2014, and it now manages approximately 19,400 BOE per day of net production in North Dakota inclusive of the new assets.
The private acquisition is of producing properties on approximately 46,000 highly contiguous net acres located in Burleson, Milam, and Robertson Counties, Texas. The properties produced approximately 7,700 BOE per day as of the closing of the acquisition.
Eric Mullins, Chairman and CEO of Lime Rock Resources, said, "We have been patient, acquiring only one small overriding royalty interest in the two years before this past October. We believe that the nearly one billion dollars of acquisitions in the last several months testifies to changing market dynamics, a robust opportunity set, and our ability to work with sellers over many months on transactions that work for all parties." Charlie Adcock, Vice-Chairman of Lime Rock Resources, added, "With significant on-the-ground operating capability in both Texas and North Dakota, we look forward to integrating the new assets into our existing operations and to continue to focus on margins and low-risk development opportunities."
