MNRL - Brigham Minerals buys core Midland Basin assets in $132M deal

Brigham Minerals ( NYSE: MNRL ) said on Monday it agreed to acquire mineral and royalty interests in Texas' Midland Basin from Avant Natural Resources for $132.5M in cash.

Brigham Minerals ( MNRL ) said the acquired assets comprise 3,900 net royalty acres in the core of the Midland Basin with estimated production of 750-950 boe/day (60% oil).

"Our patient and disciplined approach allowed us to capture the opportunity to significantly increase our Midland Basin footprint under highly active, top performing operators including Endeavor, Pioneer and Exxon Mobil, who in total are operating more than 40 rigs in the basin," Brigham ( MNRL ) CEO Rob Roosa said, adding that he views the deal as "the highest quality Midland Basin package we've evaluated to date."

Brigham Minerals ( MNRL ) recently reported Q2 GAAP earnings of $0.78/share on revenues of $90.8M .

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