Rising Phoenix Royalties (RPR) has closed a deal for a mineral interests in Dawson County, Texas, that encompasses 230 net royalty acres (NRA) on leasehold operated by SM Energy Co.
The transaction builds on the momentum from a July announcement that the company had acquired its first non-operated working interest acquisition in the Denver-Julesburg Basin, the company said in an Aug. 29 press release.
The company said its latest deal shows further diversification into the Permian, the largest oil and gas producing region in the U.S.
“This acquisition underscores Rising Phoenix Royalties' dedication to diversifying our mineral portfolio and capturing more upside potential,” said Jace Graham, CEO and founder of Rising Phoenix Royalties. “By integrating a well-rounded approach that includes both producing and non-producing minerals, as well as non-operated working interests in the Permian Basin, we're strategically enhancing our long-term growth prospects beyond our traditional [proved developed producing] PDP-focused strategy.”
Rising Phoenix Royalties’ in-house mineral advisers and network of industry brokers use a boots on the ground approach to identifying opportunities and acquiring mineral interests, the company said.
“At Rising Phoenix Royalties, building strong relationships with mineral owners is at the core of what we do,” said Sal Fierro, mineral manager of Rising Phoenix Royalties. “This Dawson, Texas acquisition showcases our unwavering commitment to transparency and guiding our clients through every step of the process. We’re thrilled to include this property in our expanding portfolio.”