REPX - Riley Permian to buy New Mexico oil and gas assets in $330M deal

Riley Exploration Permian ( NYSE: REPX ) said Tuesday it agreed to acquire oil and gas assets from Pecos Oil & Gas, an affiliate of Cibolo Energy Partners, for $330M in cash.

Riley Permian ( REPX ) said the acquisition adds 11.7K total contiguous net acres in Eddy County, New Mexico, with current production of 7.2K boe/day (58% oil, 81% liquids).

The company said the deal will significantly increase its inventory of oil-weighted, horizontal development drilling locations.

Concurrent with the deal signing, the company entered into a commitment letter with EOC Partners Advisors for the issuance of $200M of senior unsecured notes upon closing of the acquisition.

Riley Exploration Permian's ( REPX ) growth will be supported by low-cost production and CO2 projects, SimOne Trading said in an analysis published on Seeking Alpha .

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