Energy companies continued to invest in the Permian Basin of southeast New Mexico and West Texas, an area believed to be among the most lucrative oil and gas regions in the world, as fuel demand surged, and fossil fuel producers sought to increase production.
Orion Diversified Holding was the latest to purchase property in the region as it hoped to capitalize on the area’s growth.
The company announced its purchase of 9,280 acres in Pecos County, Texas, near the state’s border with New Mexico in the western Delaware sub-basin, along with five oil and gas wells in Ector County near Odessa, Texas on the eastern side within the Midland sub-basin.
The wells are under the operation of Occidental Petroleum. Moreover, the company is planning to soon close on another deal for 320 acres. With that, seven wells are also in the Permian, per a news release.
The company recently sought to grow its operations in the Permian and the Bakken Shale region in North Dakota. This is what Thomas Lull, chief executive officer of Orion said. Moreover, production continues in the south Texas Eagle Ford Basin.
“Under new leadership, Orion has grown fast with almost 16,000 gross mineral acres. It is in the largest oil and gas fields from the Permian Basin to the Bakken Shale”. This is what Lull said. “This is a very large acreage acquisition for Orion. These wells are being operated by Occidental Petroleum.”
Source: Carlsbad Current-Argus