Independent oil and gas company Admiral Permian Resources has completed an acquisition of leasehold interests and related assets from Three Rivers Operating Co III.
The acquisition comprises more than 59,000 net acres in Reeves County and Culberson County in Texas, US. These assets procured in excess of 15,000 net barrels of oil equivalent per day (boe/d) last month.
Admiral Permian Resources CEO Denzil West said: “The successful completion of our acquisition in Reeves County and Culberson County represents the collective efforts of our team to secure a leading resource footprint in the Delaware Basin.
“With the transaction completed, our focus now shifts to developing this asset through the execution of our development plan and expanding the team’s reputation as an efficient, low-cost operator.”
Admiral has also offered a majority stake in the company to funds managed by the Private Equity Group of Ares Management (ARES) to secure capital for strategic needs.
West further added: “We are also excited for our new partnership with the Ares team, which provides us meaningful capital to continue pursuing our strategic business model.”
Admiral is focused on the acquisition and development of oil and gas properties in the Permian Basin.
Ares Private Equity Group partner Gary Levin said: “We are excited to partner with Admiral’s management team to build a business of scale and create value in the Delaware Basin.”
