Diamondback Closes $1.55 Billion Acquisition of Lario Permian
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Diamondback Energy has completed its acquisition of all leasehold interests and related assets of Lario Permian, a wholly owned subsidiary of Lario Oil & Gas Company, and certain associated sellers.
“Lario is an attractive bolt-on to our existing Martin County position, home to some of the best rock in the Permian Basin,” said Travis Stice, chairman and chief executive officer of Diamondback.
“This is a deal that checks all the boxes Diamondback looks for in an acquisition, as it brings more than 150 gross locations in the core of the Northern Midland Basin. When combined with our pending FireBird acquisition, we will grow our Midland Basin footprint by approximately 83,000 net acres, add 500 high quality drilling opportunities,” added Stice.
About Diamondback Energy
Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas.
To stop by Diamondback’s website, CLICK HERE
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