Elk Range acquires DJ basin royalty acreage from Occidental

Elk Range Royalties LP, Dallas, closed a deal to acquire 250,000 net royalty acres (NRA) in the Denver-Julesburg basin (DJ basin) from Occidental Petroleum Corp. for $905 million. 

The acquisition includes a mix of current production, near-term activity through DUCs, and long-term growth through undeveloped upside, the privately held company said in a release Mar. 21. 

The acquired assets are being developed by operators including Chevron Corp. and Civitas Resources, who collectively account for more than half the wells spudded in 2024, Elk Range said. 

Elk Range Royalties is a buyer of mineral and royalty interests across multiple US basins, with a portfolio over 300,000 NRAs and an interest in over 23,500 producing wells. Since 2020, Elk Range has partnered with NGP Energy Capital Management.