Elk Range Royalties Expands Portfolio with Strategic Acquisition of Permian, Eagle Ford Assets
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Elk Range Royalties has acquired Newton Financial Corporation, Concord Oil Company, and Mission Oil Company, who collectively own a substantial mineral and royalty interest asset spanning the Permian and Eagle Ford basins. This strategic transaction expands Elk Range’s footprint across premier oil and gas producing regions in Texas.
“Closing this deal underscores our commitment to acquiring high-quality royalty assets in some of the most active basins, blending immediate cash flow with long-term development opportunities. I am proud of the work our team has done over the last twelve months to scale our portfolio. With this deal we have deployed more than $141 million since January 2024 and expect to continue that momentum through 2025,” said Elk Range’s CEO, Charlie Shufeldt.
The acquisition includes approximately 13,500 net royalty acres (NRA) strategically positioned in the prolific Permian Basin (4,500 NRA) and Eagle Ford (3,000 NRA), with additional assets across Texas. The key operators across the asset include ExxonMobil, Apache, Diamondback, Occidental, ConocoPhillips, and Continental, who have spudded an average of 148 wells per year on the properties since 2021.
This acquisition provides for near-term cash flow growth through 28 DUCs and 76 permits, and with more than 2,800 identified undeveloped locations, provides significant long-term inventory.
Based in Dallas, Texas, Elk Range Royalties is an active buyer of mineral and royalty interests across multiple U.S. basins, with a portfolio exceeding 58,000 NRAs and an interest in over 13,500 producing wells. Since 2020, Elk Range has partnered with NGP Energy Capital Management, an investment firm with an over 30-year history of investing in the oil and gas industry.
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