American Impact Energy has acquired more than 18,000 prime leasehold acres in the Permian Basin, the company said in a Feb. 25 release. Terms of the transaction weren't disclosed.
The leases are specifically located in Crockett County, Texas, and include six horizontal wells currently producing in the Wolfcamp Formation.
The acquisition may include over 100 new drill sites in some of the most prolific Permian Basin plays.
The acreage provides the company with prime opportunities for development in a current "hot spot" even at lower oil prices, said R. Gerald Baily, chairman of American Impact Energy and former Exxon president, in a statement.
"We are extremely happy with both the current production from the leases as well as short and long-term development opportunities," he said.
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