 |
Louisiana Light • 2 days | 81.18 | +0.12 | +0.15% | ||
|
Bonny Light • 29 days | 86.00 | -0.62 | -0.72% | ||
|
Opec Basket • 2 days | 81.37 | -0.08 | -0.10% | ||
|
Mars US • 266 days | 75.97 | -1.40 | -1.81% | ||
|
Gasoline • 3 hours | 2.461 | -0.007 | -0.29% |
|
Bonny Light • 29 days | 86.00 | -0.62 | -0.72% | ||
|
Girassol • 29 days | 87.27 | -0.38 | -0.43% | ||
|
Opec Basket • 2 days | 81.37 | -0.08 | -0.10% |
|
Peace Sour • 10 hours | 72.28 | +0.69 | +0.96% | ||
|
Light Sour Blend • 10 hours | 72.28 | +0.69 | +0.96% | ||
|
Syncrude Sweet Premium • 10 hours | 79.18 | +0.89 | +1.14% | ||
|
Central Alberta • 10 hours | 72.28 | +0.69 | +0.96% |
|
Eagle Ford • 3 days | 74.07 | +0.63 | +0.86% | ||
|
Oklahoma Sweet • 2 days | 75.00 | +2.00 | +2.74% | ||
|
Kansas Common • 3 days | 67.75 | +0.50 | +0.74% | ||
|
Buena Vista • 4 days | 83.27 | -2.82 | -3.28% |
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WildFire Energy Buys Apache Assets as U.S. Shale Deals Continue
WildFire Energy I LLC will become the biggest holder of consolidated acreage in the Eagle Ford shale play in East Texas after buying net acreage and wells from Apache Corporation, amid the ongoing mergers and acquisitions (M&A) wave in the U.S. oil and gas industry.
WildFire Energy announced this week that it had entered into a definitive agreement to buy around 237,000 net acres and interests in 465 wells in the East Texas Eagle Ford from Apache Corporation and subsidiaries. With the acquisition, WildFire will operate more than 2,000 gross wells on over 850,000 net acres in the eastern Eagle Ford.
The company’s total position also includes approximately 550,000 net acres prospective for the Austin Chalk, as well as acreage in the Woodbine, Buda, and Georgetown formations.
The assets that WildFire Energy is buying from Apache, for an undisclosed sum, had an average net daily production of around 11,000 barrels of oil equivalent (boe) in the first quarter of 2024. A total of 67% of the production was liquids.
WildFire estimates that unaudited, net proved reserves were approximately 40 million barrels of oil equivalent as of December 31, 2023. Pro forma for the acquisition, WildFire’s net daily production is set to exceed 50,000 barrels of oil equivalent, of which 85% liquids.
“This acquisition of adjacent assets presented us with a strategic opportunity to continue consolidating the basin,” said Steve Habachy, President and Chief Operating Officer of WildFire.
“With a total of more than 850,000 net acres, we have built a premier contiguous asset base, making WildFire the largest operator in the entire Eagle Ford trend,” Habachy added.
The latest acquisition in the Eagle Ford shale follows last week’s announced deal in which Crescent Energy will buy SilverBow Resources in a transaction valued at $2.1 billion to create a major player in the Eagle Ford.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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