Elk Range Royalties has announced the acquisition of Newton Financial, Concord Oil Company and Mission Oil Company, which collectively hold significant mineral and royalty interests across the Permian and Eagle Ford basins.
The deal encompasses approximately 13,500 net royalty acres across premier oil and gas-producing regions in Texas.
The acquisition includes around 4,500 net royalty acres in the prolific Permian Basin and 3,000 in the Eagle Ford, along with additional assets throughout Texas.
This moves positions Elk Range alongside key operators such as Apache, ConocoPhillips, Continental, Diamondback, ExxonMobil and Occidental, which have collectively spudded an average of 148 wells per year on these properties since 2021.
This strategic transaction is poised to provide near-term cash flow growth through 28 drilled but uncompleted (DUCs) wells and 76 permits.
With more than 2,800 identified undeveloped locations, Elk Range is set to secure significant long-term inventory.
Elk Range CEO Charlie Shufeldt commented: “Closing this deal underscores our commitment to acquiring high-quality royalty assets in some of the most active basins, blending immediate cash flow with long-term development opportunities.
“I am proud of the work our team has done over the last 12 months to scale our portfolio. With this deal we have deployed over $141m since January 2024 and expect to continue that momentum through 2025.”
Gibson, Dunn & Crutcher represented Elk Range in the transaction, while Newton/Concord was represented by TenOaks Energy Advisors as the marketing advisor and Jackson Walker as the legal advisor.
In April 2023, Elk Range acquired around 1,700 net royalty acres of Eagle Ford mineral and royalty interests across DeWitt, Gonzales and Karnes counties in the US.
