The company has acquired the interests in wells from a large number of working and royalty interest owners, while the wells hold production of about 800 barrels of oil per day.

As part of the deal, the company also acquired additional developmental prospects in the Lake Salvador and Crescent fields.

Gulf Coast Western CEO Matthew Fleeger said the buying of interests in producing wells is a strategic move for company’s partners.

"It shortens the investment timeline for our partners as it provides immediate cash flow while mitigating drilling risk and adding diversification to our partnership opportunities," Fleeger added.