Houston Company Pays $300M Cash for Basin Land

Oil drilling rigs dot the Permian Basin. Photo credit: QEP Resources, Inc.

(Delaware Basin, TX) – Noble Energy of Houston has expanded its holdings in the Delaware Basin near Reeves County. According to a company press release Noble has acquired 7,200 additional acres adjacent to its existing properties at a cash price tag of $300 million dollars. Executive Vice President Garry Willingham explained that the new acreage expands their Delaware location inventory by approximately 150 new locations, to a total of over 1,800 while also enhancing the value of 325 existing drilling locations. Noble has  recently added a third drilling rig into the basin and says they are aggressively moving forward with development. The Delaware Basin is part of the Permian Basin, which has been a relative bright spot for the energy industry recently. Apache Corp.’s recent “Alpine High” discovery is located in the southern Delaware basin as well.

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