One-Page Deal Sheet
E&P Acquires 7,000 Acres in Howard County for $130 Million
Laredo Petroleum Inc. Cordero Energy Resources LLC
Announced Date
November 05,2019
Close Date
December 12,2019
Transaction Type
Acreage
Enterprise Value (EV)($MM)
130
Asset/Basin:
{"Permian Basin","Midland Basin"}
TargetZones:
{"Lower Spraberry","
Net Acres
Net Operated Locations:
Location
Calculated Metrics( EV/Category)
Region
Permian - Midland Basin
Country
United States
State
Texas
County
Howard
Play
Calculated Metrics( EV/Category)
$/ Acre
$/Location
Transaction Details: Subscribe to see
Laredo signed a purchase and sale agreement to acquire 7,360 net acres (96% operated) and 750 net royalty acres in Howard County for a total of $130 million, which is something like $17,633 per acre from Cordero Energy Resources.
The Company expects to develop 120 gross (100 net) primary locations on the acreage beginning in first-quarter 2020, targeting the Lower Spraberry and Upper and Middle Wolfcamp formations. This deal will see Laredo heading north of its core position in the basin. Howard County has some of the best wells in the Midland Basin. This is an interesting acquisition as…
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