The company will acquire about 137,000 gross (114,000 net) acres from multiple parties during the third and fourth quarters of 2011.
The acquisitions consist primarily of leasehold but include an estimated six million barrels of oil equivalent proven reserves at closing and net daily production of about 1,500 barrels of oil equivalent per day.
With these acquisitions, the company expands its acreage position in the Delaware Basin to about 420,000 gross (270,000 net) acres.
The acquisitions are all expected to close by December 2011 and are subject to customary purchase price adjustments and other customary closing conditions.
