Affiliates of Langford Energy Partners ('LEP'), a privately held oil & gas operating company, have closed on the acquisition of Midland Basin assets from Murchison Oil and Gas.
Management Comments
Lance Langford, LEP’s CEO, stated, 'LEP’s acquisition represents a great opportunity for our team to add to its long history of operating success and delivering value to investors. We will leverage this asset as an anchor for expansion through additional bolt-on acquisitions in the Midland Basin.'
Bud Brigham, the company’s Executive Chairman added, 'I’m thrilled that LEP has captured what we believe is a high-quality asset with the ideal profile to complement our stated strategy. On a personal note, it’s exciting to re-enter the area of the Midland Basin where I began my career and drilled my first wells.'
Acquisition Highlights
- Approximately 8,000 net acres primarily in Howard, Borden, and Midland Counties, TX
- Net production of approximately 7,200 boe/d (72% oil), primarily from 63 operated horizontal wells
- Substantial runway of quality, fully delineated drilling locations
- Established oil, gas, and water infrastructure, including two owned saltwater disposal wells, to support future production and development
- Acquisition closed on December 6, 2024
Financing
LEP funded the acquisition with equity from its flagship fund, Langford Energy Partners I, LP, and senior bank debt from a new credit facility led by Texas Capital Bank.
Advisors
Vartabedian Hester & Haynes LLP, Vinson & Elkins LLP, and Kirkland & Ellis LLP served as legal counsel to LEP.
RBC Richardson Barr served as exclusive financial advisor and Holland & Knight LLP served as legal counsel to Murchison.
Source: Langford Energy Partners
