Lime Rock Resources, acquirers and operators of producing oil and gas properties has acquired the Williston Basin properties of Abraxas Petroleum for $87.2 million and properties in the Austin Chalk and Eagle Ford in Texas for $271.3 million from a private seller.
The Williston Basin properties consist of 3,500 acres in McKenzie County, North Dakota. The Lime Rock resources team has been an operator in the basin since 2014 and manages 19,400 BOE per day of net production. The private acquisition brings 46,000 contiguous net acres in Burleson, Milam and Robertson Counties, Texas. The area produces approximately 7,7000 BOE per day. The firm has now made over $850 million in total property deals in the last four months.
“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.”