Approach Resources has acquired leasehold interests covering 33,715 gross (22,851 net) acres in the Permian Basin in Crockett County, Texas.
The acquired acreage is expected to be prospective in the Clearfork and Wolfcamp Shale, Canyon Sands and/or Ellenburger formations.
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.
The company’s total acreage position in the Permian Basin now covers 137,495 gross (93,755 net) acres, and the number of stated net acres acquired is based on its 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 the acreage position is an important component to the company’s 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.
Approach Resources is an independent energy company engaged in the exploration, development, production and acquisition of oil and gas properties in the US.