A Denver oil and gas company said it's making a big oilfield purchase in west Texas.
Resolute Energy Corp. (NYSE: REN) said it's buying oil and gas properties in Reeves County, Texas, for $135 million in cash and stock.
Resolute said it's buying 3,293 net acres in the Delaware Basin operating area, where it currently has oil operations.
"This acquisition adds materially to our prospective acreage in one of the most exciting U.S. oil and gas basins, with 95 percent of the acquired acreage operated by Resolute. ... This transaction allows us to add acreage, production and opportunity without either the uncertainty associated with acquiring more speculative acreage or adding to our staffing and infrastructure needs," Resolute CEO Nicholas Sutton said in a statement.
Read more at the Denver Business Journal: http://bit.ly/2dvzyvi