Ellipsis U.S. Onshore, a portfolio company of Westlawn Group, has acquired additional oil and gas properties in the Delaware Basin of Texas and New Mexico.
Financial terms of the deal were undisclosed.
The private energy company acquired non-operated assets including 3,000 net acres, current production of more than 3,000 barrels of oil equivalent per day (boe/d) (2-stream) and significant operational upside associated with around 900 gross remaining locations.
Ellipsis anticipates pro forma production to average 7,000boe/d (2-stream) in Q4 2023.
Ellipsis managing directors Matt Gentry and Adam Howard said: “We are excited to continue to execute upon our non-operated strategy with Westlawn. The pipeline of marketed and off market opportunities continues to be robust as we approach the end of the year.
“Ellipsis encourages potential operating partners and those with non-operated assets to reach out, as we continue to build and deploy capital.”
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Ellipsis was formed by Westlawn earlier this year for the acquisition and development of large, producing oil and natural gas assets in the US.
The company concluded its first deal with the purchase of assets situated in the Delaware Basin of Texas and New Mexico from North Hudson Resource Partners’ affiliates Fortuna Resources III, and SRR Rockies Holdings.
These non-operated oil and gas properties had production of more than 4,500 boe/d (2-stream) with significant operational upside associated with about 250 gross remaining locations.
Initially, Ellipsis will focus on acquiring non-operated stakes as well as mineral and royalty interests, through acquisitions in the US.