U.S. Energy Development Corporation Announces Strategic Acquisition of a $50 Million Asset in the Delaware Basin

On track to invest an additional $400 million within the next 24 months

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Sep 08, 2021, 09:05 ET

ARLINGTON, Texas, Sept. 8, 2021 /PRNewswire/ -- U.S. Energy Development Corporation (U.S. Energy), an exploration & production (E&P) firm which provides direct investments in energy, announced its most recent strategic acquisition of a $50 million asset in Loving County, Texas, in the core of the Delaware Basin.

The project has wells targeting three of the basin's most prolific benches – 3rd Bone Spring, Wolfcamp A and Wolfcamp XY. The new deal brings U.S. Energy's total investment in the Permian Basin to $135 million over the past year.

This acquisition announcement marks U.S. Energy's fifth major deal in the calendar year. The firm is planning to invest an additional $400 million among the Permian, Powder River, Eagle Ford and DJ Basins over the next two years.

The Permian Basin is one of the oldest and most widely recognized oil and gas producing regions in North America. It covers approximately 86,000 square miles across New Mexico and Texas. The Permian is divided into three main sub-basins: Midland Basin, Central Basin and Delaware Basin.

About U.S. Energy Development Corporation
U.S. Energy Development Corporation is a privately held oil and gas operator established in 1980 which provides direct investments in energy. The firm was named the Best Investment Company in North America by World Finance in its 2020 Oil & Gas Awards. U.S. Energy has invested in, operated and/or drilled more than 2,400 wells in 13 states and Canada and deployed more than $1.5 billion on behalf of its partners. More information is available at http://www.usedc.com/

SOURCE U.S. Energy Development Corporation