McClure Oil Co. Inc. has been revealed as the seller in Laredo Petroleum Inc.'s (NYSE: LPI) recent $125 million acquisition in the Midland Basin
On July 14, Laredo said it signed a purchase and sale agreement to acquire additional acreage and Spraberry rights within its existing footprint.
McClure owns and operates oil and gas assets in the Permian Basin. The privately-owned company is headquartered in Midland, Texas.
Laredo’s acquisition consists of about 9,200 net acres in Glasscock and Reagan counties, Texas. The company said the acreage bolts on directly to current drilling units, enabling development using 10,000-foot or longer laterals.
The purchase also includes increased working interest in Laredo-operated vertical wells, adding production of about 300 barrels of oil equivalent per day net to the company.
Simmons & Co. International was McClure's financial adviser for the transaction.
Laredo closed a portion of the acquisition already on July 13 for about $92.7 million. The closing of the remaining interests are subject to certain preferential purchase rights and consents.
RELATED: Laredo Enhances Midland Basin Footprint With $125 Million Bolt-On
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