S independent Parsley Energy announced on Wednesday that it agreed to buy acreage in West Texas for $148.5 million in cash.

Parsley Energy buys Texas acreage

USA

AUSTIN, December 10, 2015 – US independent Parsley Energy announced on Wednesday that it agreed to buy acreage in West Texas for $148.5 million in cash. The news comes at a time when many shale players in the US are struggling.

 

The acreage includes 238 horizontal drilling locations and an output of about 1,000 barrels of oil equivalent (boe) per day.

The company operates unconventional reserves in the West Texas area and has an output rate of 21,600 boepd, which is a 41% year-on-year increase. It also announced in the third quarter of 2015 that it had reduced lease operating expenses by 16% per boe, down to $7.63.

Energy & Exploration Partners, Sabine Oil & Gas, Samson Resources and Escalera Resources are among exploration and production companies that declared bankruptcy in 2015 due to the oil price slump and high drilling costs.