Petrolegacy energy divests midland basin
PETROLEGACY ENERGY ANNOUNCES COMPLETION OF INITIAL PILOT WELL
AUSTIN, Texas – September 8, 2017 – PetroLegacy Energy announced today that it has completed its initial pilot well at a total depth of 11,518 feet. Focusing on Spraberry and Wolfcamp zones, the well captures over 4,500 feet of prospective section and includes the collection of geochemical and petrophysical data, rotary cores and 1,100 feet of whole core. The PetroLegacy Energy team is encouraged by initial results and excited to see what insights the data will provide.
PetroLegacy Energy Acquires Midland Basin Acreage from Pioneer
AUSTIN, Texas – May 1, 2017 – PetroLegacy Energy II, LLC (“PetroLegacy”) announced today that it has closed on the acquisition of roughly 20,000 net acres in northeastern Martin County, Texas, from Pioneer Natural Resources Company (NYSE: PXD) for $266 million. This highly contiguous position in the northern Midland Basin is currently producing approximately 1,500 BOE/d and will provide PetroLegacy with horizontal drilling locations across the property prospective for the Lower Spraberry, Wolfcamp A and Wolfcamp B formations. In addition, PetroLegacy believes the asset contains additional horizontal drilling potential in other stacked-pay formations including the Middle Spraberry, Jo Mill and additional Wolfcamp horizons.
Ovintiv to Acquire PetroLegacy Energy, Black Swan Oil & Gas and Piedra Resources
April 3, 2023 - Denver, Colorado - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) ("Ovintiv" or the "Company") today announced it has entered into a definitive purchase agreement to acquire substantially all leasehold interest and related assets (the "assets") of Black Swan Oil & Gas, PetroLegacy Energy and Piedra Resources ("NMB sellers"), which are portfolio companies of funds managed by EnCap Investments L.P. ("EnCap"), in a cash and stock transaction valued at approximately $4.275 billion. Upon closing, the acquisition will add approximately 1,050 net 10,000 foot well locations to Ovintiv's Permian inventory and approximately 65,000 net acres in the core of the Midland Basin, strategically located in close proximity to Ovintiv's current Permian operations. The transaction has been unanimously approved by Ovintiv's Board of Directors.
About PetroLegacy Energy III, LLC
PetroLegacy Energy III, LLC, a privately held exploration and production company based in Austin, Texas, was formed in September 2023. For additional information, please visit www.plellc.com.
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