Brigham Minerals to Acquire Mineral and Royalty Interests in Midland Basin for $15 Million
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Brigham Minerals has entered into a definitive purchase and sale agreement to acquire certain mineral and royalty interests in the Midland Basin for approximately $15 million in cash and approximately 800,000 shares of Class A common stock subject to certain closing adjustments.
“I’m excited to announce a large Midland Basin mineral acquisition, which once again checks all the boxes we require for large deals including both near-term cash flow per share and NAV accretion. We remain extremely focused on capturing and creating value through consolidation and are pleased that our disciplined underwriting has been rewarded with acquisitions of over $120 million in the past three months,” said Rob Roosa, chief executive officer.
MIDLAND ACQUISITION CONTINUES CONSOLIDATION MOMENTUM AND VALUE CREATION
• Approximately 1,800 net royalty acres in the Midland Basin largely operated by Pioneer Natural Resources and
Endeavor Energy Resources
• 2022 estimated production totaling between 225 - 275 boepd resulting in high teens EBITDA yield
• Brigham intends to finance the $15 million cash portion of the purchase price through a combination of cash on
hand and borrowings under the company’s revolving credit facility
• December 1, 2021 effective date with anticipated close in early-to-mid April 2022, subject to continued diligence
and closing conditions
About Brigham Minerals
Brigham Minerals is an Austin, Texas, based company that acquires and actively manages a portfolio of mineral and royalty interests in the core of some of the most active, highly economic, liquids-rich resource basins across the continental United States. Brigham Minerals’ assets are located in the Delaware and Midland Basins in West Texas and New Mexico, the SCOOP and STACK plays in the Anadarko Basin of Oklahoma, the DJ Basin in Colorado and Wyoming, and the Williston Basin in North Dakota. The company’s primary business objective is to maximize risk-adjusted total return to its shareholders by both capturing organic growth in its existing assets as well as leveraging its highly experienced technical evaluation team to continue acquiring minerals.
To stop by Brigham’s website, CLICK HERE
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