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Alliance Resource Partners completes $176M deal for 42,000 oil, gas acres

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Alliance Resource Partners completes $176M deal for 42,000 oil, gas acres

Alliance Resource Partners LP completed its acquisition of about 42,000 royalty acres of oil and gas resources for $176 million, the company said in a Jan. 3 news release.

The company agreed in December 2018 to acquire partnership interests in AllDale Minerals LP and AllDale Minerals II LP as well as the limited partner interests in AllDale that are not already owned by Alliance affiliate Cavalier Minerals JV LLC. The newly acquired acreage is in the core of the Anadarko, Permian, Williston and Appalachian basins and is concentrated in the SCOOP/STACK, Delaware Basin, Midland Basin, Bakken Shale and Marcellus/Utica Shale production areas.

Operators such as Continental Resources Inc., Devon Energy Corp., Anadarko Petroleum Corp., Pioneer Natural Resources Co. and Concho Resources Inc. are already developing the acreage on which 3,821 producing wells are generating about 2,611 barrels of oil equivalent per day, the release said. Another 495 wells are being drilled, and there are 860 more permitted well spots.

Alliance will record a noncash gain between $145 million and $155 million as a fair value reflection of its prior investments in the AllDale partnerships in the first quarter, according to the release.