Elk Range Royalties Acquires Permian Basin Royalty Interests
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Elk Range Royalties has acquired certain Permian Basin royalty interests from an undisclosed seller.
The acquired assets include roughly 2,600 core net royalty acres evenly split between the Delaware and Midland Basins with most of the interests located in Loving, Reeves, Upton, and Midland Counties, Texas and Lea County, New Mexico.
There are approximately 250 producing horizontal wells and over 650 remaining undeveloped locations on the acquired assets. LTM cash flow on the acquired assets was $10.8mm and includes top operator exposure to Devon, Pioneer, and Endeavor.
“We are excited to acquire a core Permian Basin royalty package in a very active market environment. The blend of existing cash flow and line of sight to near-term development make this position ideal for Elk Range and the NGP Royalty Partners,” said Elk Range Royalties President, Charlie Shufeldt.
About Elk Range Royalties
Elk Range Royalties is a buyer and producer of mineral and royalty interests. The company was established in 2020 and is headquartered in Dallas, Texas, United States.
To stop by Elk Range’s website, CLICK HERE
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