The assets acquired in the transaction include 118 producing wells in Jack and Wise Counties, Texas, producing approximately 883 barrels of oil equivalent (boe) per day to Milagro, with proved reserves of approximately 4.3 million boe.
Milagro executive vice president and chief financial officer James Ivey said that these reserves represent a significant continuation of the company’s growth strategy of adding liquids rich, long-lived reserves with steady production at attractive prices.
"Milagro has now replaced approximately 150% of its annual production through a combination of acquisitions and its drilling program since its recapitalization earlier this year," Ivey said.
