Laredo to increase Midland basin holdings

Laredo Petroleum Inc., Tulsa, has agreed to acquire Midland basin acreage adjacent to existing holdings that it says will accommodate further development with well laterals of 10,000 ft or longer. The acquisition value is about $125 million.

Laredo is to acquire 9,200 net acres in western Glasscock and Reagan counties, Tex., and about 300 boe/d of net production from wells it operates through increased working interests.

The company didn’t identify the seller. Its net production from existing interests in the area in the first quarter this year was 46,202 boe/d.