US-based oil and gas company Percussion Petroleum II is seeking buyers for its 25,000 net acres in the Permian shale basin to raise up to $1.5bn, reported Reuters, citing three sources.

The move comes as the firm intends to capitalise on surging global crude oil prices.

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As part of the proposed plan, Percussion is working with an undisclosed adviser for the potential sale of the assets that are a part of the Delaware formation in US, the sources said.

In 2021, Percussion purchased the bulk of its oil and gas assets in Permian shale basin, which is one of the most prolific crude-producing areas in the US, from Oasis Petroleum for $375m, plus contingent payments.

According to a marketing document seen by Reuters, Percussion has a production capacity of approximately 21,000 barrels of oil equivalent per day (boepd) from over 375 drilling locations, as of June 2022.

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By the end of this year, the company hopes to increase its production output from the assets to as much as 33,000boepd.

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As per the estimates, the Permian basin, which is spread over Texas and New Mexico, will have a record output of 5.316 million barrels per day in July 2022.

Percussion was founded in 2020 with investment from private equity firm Carnelian Energy Capital.

Last month, Centennial Resource Development, and Colgate Energy Partners III agreed to merge their businesses to create a $7bn Permian-focused oil and gas producer.

The combined entity will focus on the assets in the Delaware basin, in the western shale field.