Evolution Petroleum Corp., Houston, agreed to acquire non-operated oil and natural gas assets in New Mexico, Texas, and Louisiana from a non-disclosed seller.
The $9-million deal adds about 440 net boe/d (60% oil, 40% natural gas) of low-decline production and offers low-risk development opportunities for incremental production growth, the company said in a release Mar. 4.
Kelly Loyd, president and chief executive officer, said the company sees additional upside “through reactivations of existing waterfloods and through operational efficiencies.”
The portfolio consists of about 254 gross producing wells across all regions. The assets will be managed by a private operator.
The deal is expected to close by the end of Evolution's third quarter of fiscal 2025 with an effective date of Feb. 1, 2025.
