Clayton Williams Energy (NASDAQ:CWEI) +7.9% AH after agreeing to sell its Giddings area assets in central Texas for $400M.
CWEI says the sale is part of its transition into a pure play Permian Basin development company, and enhances its ability to focus on the efficient development of ~70K net acres in the southern Delaware Basin.
CWEI also names from Noble Energy exec Patrick Cooke as its new COO; most recently, Cooke was manager of NBL's Texas business unit, which included direct responsibility over the company's Delaware Basin assets.
SM Energy’s (SM +7.2%) $980M purchase of drilling rights in the Permian Basin shows that producers are willing to pay a premium for access to one of the few spots where oil exploration still turns a profit, Bloomberg reports.
SM will pay the equivalent of $39.5K/acre for drilling rights across 24,783 acres in the Permian Basin, will ahead of the $25K-$35K that acreage in the Permian’s Midland Basin section had been fetching as recently as May and almost doubling SM's holdings in the region.