WildHorse Resource Development Corporation (NYSE:WRD) announced today that it has signed purchase and sale agreements to acquire producing and non-producing assets in Burleson County, Texas for approximately $15.6 million from multiple sellers. One transaction has closed and the other transactions are expected to close in April 2017.
The newly acquired assets consist of 10,535 net acres and 7 operated (9 non-operated) producing wells with combined production of approximately 1,200 gross (195 net) barrels of oil equivalent per day along with significant undeveloped leasehold. The properties are immediately contiguous and complementary to WRD’s existing East Texas Eagle Ford properties and will increase our working interest in over 188 gross locations in the Burleson Main and Burleson North areas.
“I am excited to increase our exposure to one of the premier basins in the country,” said Jay Graham, Chairman and Chief Executive Officer of WRD. “With an implied acquisition cost of approximately $812 per acre, this transaction is consistent with our strategy of not only expanding our industry-leading position in East Texas, but also, expanding our acreage at an attractive value. Entry points like this help us achieve what we think are some of the best full cycle economics in any oil play in the country.”