Peak 10 Energy has finalised the acquisition of the Verado assets in the Midland Basin from Black Topaz Oil & Gas and Blue Topaz Oil & Gas, marking the company's eighth acquisition since its inception in August 2023.

The Verado oil and gas assets, primarily situated in Scurry County, Texas, US, are expected to enhance Peak 10's liquid-weighted production and provide a foundation for long-term value creation.

The acquisition, which is more than 90% operated, aligns with Peak 10's US onshore growth strategy.

Peak 10 CEO Kyle McQuire said: “This acquisition is a testament to our team’s ability to not only identify and close complex transactions but also to seamlessly integrate and optimise assets.

“Our track record in Texas, particularly with our operated positions, has proven that Peak 10 is a reliable and effective steward of high-quality oil and gas assets.” 

The Verado assets will add significant scale and inventory to Peak 10's operations in a core area, according to the company.

Peak 10 chief financial officer Brandon Powell said: “The successful close of this deal highlights our long-term vision and the unwavering support of our financial partners.

“We have significant momentum with our asset consolidation strategy, the operational expertise to optimise our existing assets and the discipline to strategically execute our growth plan on a larger scale.” 

The financial backing for Peak 10 comes from Legacy Star Capital Partners, a private equity firm based in the US.

Petrie Partners acted as the financial advisor for Peak 10, while Gray Reed provided legal counsel for the transaction.