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Marathon Oil to buy 21,000 net acres in North Delaware for $700m

Staff Writer | March 21, 2017
Marathon Oil Corporation announced the signing of a definitive agreement to acquire approximately 21,000 net surface acres largely in the Permian’s Northern Delaware basin of New Mexico.
Marathon Oil
Oil exploration   21,000 acre bolt-on
The company will buy that from Black Mountain Oil & Gas and other private sellers for $700 million in cash, excluding closing adjustments.

“Today’s 21,000 acre bolt-on in the Northern Delaware is an excellent fit with the basin entry acquisition we announced earlier this month.

“The combined deals provide us more than 90,000 acres in the Permian, over 70,000 of which is concentrated in the Northern Delaware," Marathon Oil President and CEO Lee Tillman said.

“While we expect to pursue additional trades and grassroots leasing, this bolt-on achieves the scale necessary for efficient long-term development in the basin.”


 

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