Milagro has purchased North Texas assets from RWG Energy, a wholly owned subsidiary of RAM Energy Resources for $43m.
The assets acquired include 118 producing wells in Jack and Wise counties, Texas, which produce 883 barrels of oil equivalent per day, with proved reserves of around 4.3 million barrels of oil equivalent per day.
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Milagro’s executive vice-president and CFO James Ivey said that the transaction broadens the company’s geographic footprint and supports its goal of expanding beyond the Gulf Coast.
Milagro has replaced almost 150% of its annual production through a combination of acquisitions and drilling programmes since its recapitalisation earlier this year.
