MCM Energy Partners revealed that it had recently sold 756 net acres in Martin County, Texas, to an undisclosed buyer, for $24.6m.
Image: Onshore drilling. Photo: courtesy of Stuart Miles/Freedigitalphotos.net.
The position required several trades to be completed by MCM and ultimately provided a contiguous, bolt-on position for the purchasing operator.
Additionally, the company said it has sold an additional 1,870 net acres of operated and non-op leasehold in the Midland and Delaware Basins during the first half of 2018 for more than $20 million.
MCM currently owns about 2,000 net acres in the core areas of the Midland and Delaware Basins, as well as 12,000 contiguous acres in central Pecos County.
MCM is a privately held company located in Midland, Texas, focused on acquiring oil and gas assets in the Permian Basin. MCM was founded in 2009 by its CEO, Miles McPherren.
Source: Company Press Release