US oil and gas producer Ring Energy has agreed to acquire Permian basin assets from Founders Oil & Gas for $75mn.
The deal provides Ring with 3,600 net acres in Ector County, Texas, that produced about 2,500 b/d of oil equivalent (boe/d) in the second quarter, with oil accounting for 86pc of output. The assets have proved reserves of 9.2mn boe, 80pc of which is oil, Ring estimates.
Ring last year acquired Permian basin assets from Stronghold Energy that produce 9,100 boe/d in a deal valued at $465mm. The Stronghold assets are similar to the assets sold by Founders, Ring said. Last week, the company sold assets in the Delaware basin of west Texas that produce 240 boe/d.
The Founders transaction is expected to close by 30 September.
