Brigham Exploration (BEXP) affiliates are acquiring non-operated assets in Texas and New Mexico to create one of the largest non-operated footprints in the Permian Basin, Brigham said in a Dec. 17 announcement.
The deal with Great Western Drilling Ltd. includes 7,000 net acres in the Permian’s Delaware and Midland basins—specifically in Eddy and Lea counties, New Mexico, and Martin, Midland, Loving and Winkler counties, Texas.
The assets’ August 2024 net production was approximately 2,700 boe/d from about 29 producing wells, according to the press release. In the same month, Brigham’s average net daily wellhead production was approximately 15,500 boe/d from about 79 net producing wells, including assets from both of the company’s private funds.
"This acquisition marks a significant milestone in BEXP's growth strategy," said Bud Brigham, the company’s executive chairman. "We believe this differentiated asset that was built over generations complements our existing asset base and enhances our Delaware and Midland Basin positions, which are diversified geographically and geologically across experienced operators in the Permian."
Brigham funded the acquisition through existing equity commitments, a new BOK Financial-led credit facility and cash on hand. A purchase price was not disclosed.
The acquisition closed Nov. 22 and will be effective April 1. Vinson & Elkins LLP served as legal counsel to Brigham. Redfield Energy Advisors served as financial adviser and Lynch, Chappell & Alsup served as legal counsel to Great Western Drilling.