Approach Resources has acquired leasehold interests covering 33,715 gross (22,851 net) acres in Crockett County, Texas, in the Permian Basin.
The acquired acreage is prospective in the Clearfork and Wolfcamp Shale (Wolffork), Canyon Sands and/or Ellenburger formations, according to the company.
The acreage acquisitions include 11,285 gross (9,919 net) acres acquired in Crockett County in The University of Texas System’s 118th lease sale.
With this acquisition, the company’s total acreage position in the Permian Basin now covers 137,495 gross (93,755 net) acres.
The number of stated net acres acquired is based on the company’s expectation of future participation by working interest partners, but will vary depending on final election by the partners.
Approach Resources president and CEO Ross Craft said that expanding its acreage position is an important component to its overall strategy of unlocking the potential of the multiple oil and liquids-rich formations in the Permian Basin.
"Our recent acreage acquisitions increase our inventory of growth opportunities across our highly-prospective Permian acreage," Craft said.