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U.S. Energy Development Corp. Acquires New Permian Assets for $60 Million

·1 min read

U.S. Energy Development Corp. recently acquired three separate asset packages totaling more than $60 million in the core of the Delaware Basin in the Permian region.

The new acquisitions involve partnering with “highly regarded operators” in 17 new wells spanning a three-county area, the company said in a Sept. 13 release.

“With this expanded well count, we anticipate approximately $100 million of new production to come online by the end of the calendar year,” Jordan Jayson, chairman and CEO of U.S. Energy, commented in the release.

Headquartered in the Dallas-Fort Worth Metroplex, U.S. Energy is a privately held E&P firm that manages assets for itself and its partners.

In addition to the new project acquisitions announced on Sept. 13, U.S. Energy said it expects to acquire an additional $400 million-$500 million in assets on behalf of itself and its partners across multiple basins over the next 18-to-24 months.

Since its founding in 1980,  U.S. Energy has invested in, operated and/or drilled approximately 4,000 wells in 13 states and Canada and deployed more than $2 billion on behalf of its partners.

U.S. Energy is active in all major U.S. basins and currently maintains approximately 300,000 gross acres HBP for potential future oil and natural gas development. The firm’s current operations include the Permian Basin in West Texas and southeastern New Mexico, the Powder River Basin in Wyoming and the Eagle Ford Shale in South Texas, according to the U.S. Energy website.