Under the deal, Moss Creek has purchased the oil and gas rights to leases on around 71,000 acres in Howard and Borden Counties, Texas, US.
The deal also included the acquisition of interest in 34 horizontal and six vertical wells, which produce around 3,750 barrels of oil equivalent per day (boepd).
Tall City Exploration CEO Mike Oestmann said: "When we formed Tall City Exploration in 2012, we believed in the opportunity the Permian Basin had to offer our team and investors.
"We’re pleased to have successfully executed our strategy to the benefit of all parties involved. We anticipate that, through this transaction, our active drilling program will be maintained despite the market’s recent downturn and that it will continue providing jobs, tax and royalty income to the local, state and national economy."
Moss Creek Resources president and CEO Curtis Newstrom said: "I am extremely pleased with this transaction as it places Moss Creek in what we believe to be highly prolific acreage in the core of the Northern Midland Basin."
In November 2014, Tall City also divested around 15,000 acres and 1,400 boepd of current production to American Energy – Permian Basin, for around $440m.
These assets were located in Reagan and Crockett Counties, Texas.
