Diamondback Energy to buy additional Permian Basin acreage for $174M

|About: Diamondback Energy (FANG)|By:, SA News Editor

Diamondback Energy (FANG) agrees to acquire more prospective tight oil acreage in the Permian Basin from unnamed third parties for ~$174M.

The deal includes 2,825 net acres with a 43.8% working interest (75% net revenue interest) and net production of ~1,600 boe/day (75% oil) from 63 net producing vertical wells.