In separate transactions, with various sellers for the properties, Parsley will buy the oil and gas properties situated near the company’s current operating areas in Reagan County, Texas.
The acquisition includes 157 net horizontal drilling locations across 5,472 net acres in Reagan County and 140 net vertical 80-acre and 40-acre drilling locations, as well as 140 net vertical 20-acre drilling locations.
A total of nine horizontal wells are in several stages of development, including three wells on one pad and two wells with production history.
Five wells are flowing back while one well is waiting for fracture treatment, and one is being drilled currently.
Parsley Energy CEO Bryan Sheffield said: "With facilities in place, a number of permits already secured and our existing operations in Reagan County, we expect to realise substantial value from these assets right away."
The company aims to start well completions on the two uncompleted wells after closing and the initial new wells are expected to be drilled in the first quarter of 2015.
Additionally, Parsley Energy and private midstream services company have signed an agreement for firm pipeline capacity from North Upton and South Midland County acreage to Colorado City, Texas.
The move will allow Parsley to bypass the Midland pricing market for a substantial portion of its crude oil production. Deliveries on the pipeline are expected to start in early 2015.
