Mach Natural Resources to Buy Anadarko Basin Assets for $815 Million
(Reuters) — Mach Natural Resources said on Monday said it will buy certain oil and gas assets in the Anadarko Basin in Oklahoma from privately-held Paloma Partners for $815 million in cash.
Mach Natural said the assets have reserves of 31.5 million barrels of oil equivalent (MMboe) and will boost its existing output of about 65,000 barrels of oil equivalent per day (boepd) by roughly 32,000 boepd.
The assets cover about 62,000 net acres in the Anadarko Basin, one of the most productive U.S. basins and which spans parts of Oklahoma, Kansas, Texas, and Colorado
The deal is expected to close on Dec. 29 this year, with a retrospective effective date of Sept. 1.
Houston-based Paloma Partners is backed by energy sector-focused EnCap Investments and is focused on the acquisition and development of U.S. oil and gas assets.
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