January 15, 2025 [Storage Terminal Magazines]- Affiliates of Langford Energy Partners, a privately held oil and gas operating company, have announced the completion of their acquisition of Midland Basin assets from Murchison Oil and Gas, LLC.
In remarks regarding the acquisition, Lance Langford, the CEO of LEP, expressed that this acquisition presents a significant opportunity for the company to build upon its long-standing history of operational success and deliver value to its investors. He noted that the new asset will serve as a foundation for further expansion through additional bolt-on acquisitions within the Midland Basin.
Bud Brigham, the executive chairman of the company, shared his enthusiasm about LEP’s acquisition of what he considers a high-quality asset that aligns perfectly with the company’s strategic goals. He also reflected on his personal connection to the Midland Basin, where he began his career and drilled his first wells.
The acquisition details include approximately 8,000 net acres located primarily in Howard, Borden, and Midland Counties, Texas, with a net production of around 7,200 barrels of oil equivalent per day (72 percent oil), primarily sourced from 63 operated horizontal wells. The asset offers substantial potential with a fully delineated inventory of quality drilling locations and is supported by established oil, gas, and water infrastructure, including two owned saltwater disposal wells, to facilitate future production and development. The acquisition was finalised on December 6, 2024.
To finance the acquisition, LEP utilised equity from its flagship fund, Langford Energy Partners I, LP, along with senior bank debt from a new credit facility led by Texas Capital Bank.
Legal counsel for LEP was provided by Vartabedian Hester & Haynes LLP, Vinson & Elkins LLP, and Kirkland & Ellis LLP. Murchison was advised by RBC Richardson Barr as the exclusive financial advisor, with legal counsel from Holland & Knight LLP.
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