LandBridge Company LLC (NYSE: LB), a Houston-headquartered oil property acquirer and land management business, has purchased approximately 46,000 largely contiguous surface acres in Texas’ Southern Delaware Basin for $245 million in cash.
The property, known as the Wolf Bone Ranch, was purchased from a subsidiary of VTX Energy Partners LLC and is located adjacent to LandBridge’s existing surface acreage in Reeves County, Texas. According to the company, the Wolf Bone Ranch is “well-positioned at a strategic intersection of oil and natural gas exploration and transportation, with access to the Waha Gas market hub. The land also supports produced water operations, with current volumes of approximately 300 MBbls/d.”
LandBridge was formed in 2021 by Five Point Energy LLC, a private equity firm focused on investing in and developing energy, environmental water management and sustainable infrastructure companies within the Permian Basin.
“This acquisition demonstrates our continued commitment to our active land management strategy across the Delaware Basin, and we see significant opportunities for a broad range of industrial development and revenue growth on the Wolf Bone Ranch,” said Jason Long, CEO of LandBridge. “These opportunities include commercial real estate opportunities along the over seven miles of Highway 285 frontage and potential digital infrastructure and renewable energy projects.”
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