ExxonMobil increases Permian Basin acreage

USA

HOUSTON, August 7, 2015 – ExxonMobil has landed an acquisition and farm-in for horizontal development rights in the Midland sub-basin covering about 190 square kilometres, the super-major announced on Thursday in a company statement. The agreements give ExxonMobil rights to all the intervals in the sub-basin.

The company has yet to disclose the sellers or the price of the deals. The operator of the assets will be XTO Energy, a subsidiary of ExxonMobil.

“The recent emergence of strong Lower Spraberry results, combined with the established Wolfcamp intervals, demonstrates the significant potential of the stacked pays in the Midland Basin core,” Randy Cleveland, the president of XTO Energy, said in a press release.

With five agreements in the Midland Basin, ExxonMobil has more than 540 square kilometres. XTO Energy operates 11 horizontal and four vertical rigs producing 115,000 barrels of oil equivalent per day from the Permian Basin.

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