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Laredo acquires Glasscock County acreage for $65M

Laredo Petroleum Inc. acquired 4,475 net acres in Glasscock County, Texas, for $65 million, funded by Laredo's $1.0 billion senior secured credit facility.

The asset has current net production of 1,400 barrels of oil equivalent per day, consisting of 55% oil, according to a Dec. 9 news release.

Laredo President and CEO Jason Pigott said in the release that the property has higher oil productivity than the company's established acreage position.

Laredo Petroleum is focused on the exploration and development of oil and natural gas properties and midstream services, mainly in West Texas' Permian Basin.