LRG Energy Acquires Assets from XTO Energy inc., a subsidiary of Exxon Mobil Corporation
BORGER, Texas, Dec. 02, 2021 (GLOBE NEWSWIRE) -- LRG Energy LLC (LRG), a private, independent oil and gas company based in Borger, Texas, announced the acquisition of Lefors Field assets from XTO Energy Inc., a subsidiary of Exxon Mobil Corporation, which include 225 operated, producing wells and integrated saltwater disposal wells in Gray County, Texas. The assets acquired will enhance LRG's rapidly expanding footprint in the Texas Panhandle. This acquisition includes production and development opportunities spanning approximately 11,000 acres, all off-setting LRG existing properties. This is LRG's 8th acquisition in the past 3 years, making LRG among the largest independent operators in the Texas Panhandle.
Seaport Global Securities acted as an advisor to LRG on the deal.
LRG owns and operates approximately 3,500 wells primarily in the Texas Panhandle, through its 3 operators: Large Operating, Ponderosa TX Operating and D10 Energy. LRG's strategy is to acquire existing wellbores, return to production (RTP) nonproducing wells, while flat-lining decline curves and cutting costs. LRG believes its strategy is ESG effective by repairing older wells and thereby reducing each well's carbon footprint. Through its operators, LRG owns all of its own service equipment and is among the largest independent service providers in the area, making it a low-cost operator (see www.lrgtx.com).
Cory Meadows (Head of Operations) 806 681 5952
Richard Sands (Management) 917 208 6368 Rsands@lrgtx.com
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