AUSTIN, Texas–(BUSINESS WIRE)–PetroLegacy Energy II, LLC (“PetroLegacy”) announced today that it has closed on the acquisition of roughly 20,000 net acres in northeastern Martin County, Texas, from Pioneer Natural Resources Company (NYSE: PXD) for $266 million. This highly contiguous position in the northern Midland Basin is currently producing approximately 1,500 BOE/d and will provide PetroLegacy with horizontal drilling locations across the property prospective for the Lower Spraberry, Wolfcamp A and Wolfcamp B formations. In addition, PetroLegacy believes the asset contains additional horizontal drilling potential in other stacked-pay formations, including the Middle Spraberry, Jo Mill and additional Wolfcamp horizons.
About PetroLegacy Energy II, LLC
PetroLegacy Energy II, LLC, a privately held exploration and production company based in Austin, Texas, was formed in September 2016 with an equity commitment from EnCap Investments L.P. For additional information, please visit www.plellc.com.