Lime Rock Resources will purchase oil and gas properties in the Delaware Basin of Texas for $508.3 million from a private seller, rig zone reported.

The acquired assets are mostly located in Loving County, Texas and were producing 15,163 barrels of oil equivalent per day (bbloe/d) as of April 1, 2021.

The deal is set to close on September 30.

Eric Mullins, Chairman and CEO of Lime Rock Resources, stated: “The high volatility in the energy business over the last 18 months has created some unique opportunities in the oil and gas property market. This acquisition is one of those opportunities, which fits quite well the Lime Rock Resources acquisition strategy.”

We look forward to taking over operations in a few months to optimize existing production and pursue other value-creating initiatives,” Charlie Adcock, Vice-Chairman of Lime Rock Resources, noted.