Parsley Energy, Inc. has entered into an agreement to acquire certain undeveloped acreage and producing oil and gas properties located adjacent to the Company's existing operating areas in Upton, Reagan, and Glasscock Counties, TX for an aggregate purchase price of $148.5 million in cash (subject to customary purchase price adjustments).

Acquisition Highlights

238 net horizontal drilling locations across 5,274 net surface acres in the Company's core operating area
Estimated net production of approximately 1,000 barrels of oil equivalent per day during the month of November from three producing horizontal wells. Acquisition also includes one drilled horizontal well that is anticipated to be completed by the seller prior to the closing of the transaction, scheduled for early January 2016.
High average working interest of 87% and low average royalty burden of 20%
100% operated at close with no obligation to develop for two years
Infrastructure in place to support ongoing horizontal drilling operations

Tags: Parsley Energy