PetroLegacy Energy II, LLC announced today that it has closed on the acquisition of roughly 20,000 net acres in northeastern Martin County, Texas, from Pioneer Natural Resources Company (NYSE: PXD) for $266 million. This highly contiguous position in the northern Midland Basin is currently producing approximately 1,500 BOE/d and will provide PetroLegacy with horizontal drilling locations across the property prospective for the Lower Spraberry, Wolfcamp A and Wolfcamp B formations. In addition, PetroLegacy believes the asset contains additional horizontal drilling potential in other stacked-pay formations, including the Middle Spraberry, Jo Mill and additional Wolfcamp horizons.
Source: PetroLegacy Energy II, LLC
Date: May 1, 2017