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Texas oil, gas firm sells Delaware Basin assets for $560M

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Essential Energy Insights - January 2021


Texas oil, gas firm sells Delaware Basin assets for $560M

Texas-basedLuxe Energy LLC hasagreed to sell its southern Delaware Basin leasehold interests and relatedassets to an undisclosed third-party buyer for $560 million.

The agreementcomes a year after the company's founding and receipt of $500 million fundingcommitments from NGP Natural Resources XI LP in May 2015, according to a July13 news release.

Thetransaction includes, among other things, salt water disposal infrastructure,19,180 net surface acres located mainly in Reeves and Ward counties in Texas,and about 1,000 barrels of oil equivalent per day of current net production.

Thetransaction is expected to close in September, subject to completion of duediligence and other closing conditions.