Parsley Energy acquires Midland Basin assets for ~$252M

|About: Parsley Energy, Inc. (PE)|By:, SA News Editor

Parsley Energy (NYSE:PE) +1.2% AH after agreeing to acquire undeveloped acreage and producing oil and gas properties located adjacent to its existing operating areas in Texas' Midland Basin in separate transactions with several sellers for an aggregate price of ~$252M.

The properties produce ~1,800 boe/day, consisting of 300 boe/day from two producing wells and 1,500 boe/day from the five recently completed wells.

Also, PE says its first horizontal well on its tier one acreage, the Char Hughes 1-HB located adjacent to part of the newly acquired acreage, generated a peak 24-hour initial production rate of 1,262 boe/day and a peak 30-day IP rate of 891 boe/day.