Parsley Energy drops $252M on Texas land; permits and drills ready to go

Aug 29, 2014
Austin Business Journal

Parsely Energy Inc., an Austin-based oil and gas company, has spent $252 million to buy more than 5,472 acres, including 157 horizontal drilling locations, near its holdings just west of San Angelo, Texas

“We are thrilled to bolt on premiere acreage that allows for longer laterals in our primary horizontal development area, where we and others are seeing very promising drilling results,” said Bryan Sheffield, CEO of Parsley Energy (NYSE: PE), in an announcement. “With facilities in place, a number of permits already secured, and our existing operations in Reagan County, we expect to realize substantial value from these assets right away.”

Since the company's May 2014 IPO it has added more than 16,000 net acres and 456 horizontal drilling locations, according to the company. In all, it owns more than 97,371 surface acres in the Midland basin and 121,211 surface acres in the Permian basin

The company also announced the appointment of William L. Browning to the company's board of directors. He will be chairman of the company's audit committee. Browning is a former senior client service partner at accounting firm Ernst & Young

Print Article opens in new window