BCP Resources, a US-based oil exploration and production company, has announced the acquisition of Permian basin assets from a subsidiary of Chord Energy.

The financial terms of the transaction were not disclosed.

The deal comprises 153 active wells spread across six Texas counties, with the majority concentrated in Winkler County’s central basin platform.

In addition, the transaction includes non-operated properties and mineral interests, the majority of which are in Texas but also span New Mexico, Oklahoma, and Michigan.

The acquisition increases net proved developed producing reserves by 1.3 million barrels of oil equivalent, with 84% of those reserves being liquid, BCP Resources said.

BCP Resources CEO Barry Portman said: “These properties are top-tier assets that helped build the Permian basin that we live and work in today and we are happy to keep them producing for years to come.

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“We had the opportunity to work out a deal with an excellent company that provided us with the ability to expand. Projects like this one continue the meaningful contribution the Permian basin makes to our country every day.”

Chord Energy was formed in March 2022 through a $6bn business combination between shale producer Whiting Petroleum and Oasis Petroleum.

Last month, a subsidiary of Chord Energy brokered a deal to buy assets in the Williston Basin from a unit of Exxon Mobil in a deal valued at $375m.