WildHorse Resource Development has recently executed and closed two separate agreements to acquire a combined 20,305 net acres in the Eagle Ford, Austin Chalk, and other intervals with approximately 39 Boe/d of net production across Burleson, Brazos, Lee, and Washington Counties, Texas.
Image: WildHorse Resource Development acquires acreage in Burleson, Brazos, Lee, and Washington Counties. Photo: courtesy of Zbynek Burival on Unsplash.
In addition, WRD has also leased 10,700 net acres in the Eagle Ford and Austin Chalk year to date, net of lease expirations. After giving effect to the leasing activities and the two acquisitions discussed above, WRD has acquired approximately 31,005 net acres in 2018 for approximately $43.0 million and currently owns over 418,000 net acres in the Eagle Ford. Of the total consideration, approximately $7.6 million has been recognized on WRD’s first and second quarter 2018 financial statements.
“The announced acquisitions are an excellent fit with our existing position. With the bolt-on of another 31,005 net acres, we continue to fill in our acreage position and increase our working interest and operational control across the field,” said Jay Graham, Chairman and Chief Executive Officer of WRD. “Our status as the largest player in the region allows us to acquire acreage at extremely attractive valuations. We are committed to solely consolidating the Northeast Eagle Ford and will continue to prudently add similar acreage where it makes economic sense and adds value to our shareholders.”
WRD also announced that members of WRD’s management team intend to participate in the following upcoming investment conferences:
- Johnson Rice 2018 Energy Conference on September 24 – 26, 2018 (New Orleans, LA)
- Bank of Montreal Energy Conference on October 2 – 3, 2018 (Pinehurst, NC)
- Raymond James Austin Energy Conference on October 12, 2018 (Austin, TX)
Source: Company Press Release