BCP Resources acquires 16 Permian Basin fields from Chord Energy
BCP Resources, a Midland-based operator, has completed the acquisition of assets from a wholly-owned subsidiary of Chord Energy Corporation, which encompasses 16 fields located in the Permian Basin of West Texas.
The assets are primarily concentrated on the Central Basin Platform.
The strategic fit of these assets aligns with BCP Resources’ growth-focused approach, aiming to generate stable cash flow from low decline rate production in proven reservoirs with substantial remaining life.
The acquired operations comprise 153 producing wells spread across six counties in Texas, with a significant focus on the Central Basin Platform in Winkler County. These assets also include substantial acreage for future development, along with multiple secondary and tertiary recovery targets.
In addition to the operated properties, the acquisition encompasses non-operated properties and mineral interests, predominantly situated in Texas. However, it also includes holdings in New Mexico, Oklahoma, and Michigan.
Overall, this transaction adds approximately 1.3 million barrels of oil equivalent (MMBOE) of net proved developed producing (PDP) reserves to BCP Resources’ portfolio, with 84% of these reserves comprising liquid hydrocarbons.
To facilitate the acquisition, BCP Resources secured a senior energy debt facility from the Community National Bank of Midland. Legal representation for BCP Resources throughout the acquisition process was provided by Stubbeman, McRae, Sealy, Laughlin & Browder Inc. in Midland.
With the successful completion of this asset acquisition, BCP Resources further strengthens its presence in the Permian Basin, a prolific oil-producing region. The addition of these 16 fields bolsters the company’s operational capacity, reserve base, and potential for future development in the Permian Basin, positioning BCP Resources for continued growth in the energy sector.
Barry Portman — BCP Resources CEO said: “These properties are top tier assets that helped build the Permian Basin that we live and work in today and we are happy to keep them producing for years to come.
“We had the opportunity to work out a deal with an excellent company that provided us with the ability to expand. Projects like this one continue the meaningful contribution the Permian Basin makes to our country every day.”
Recently, Chord Energy signed an all-cash deal worth $375 million with XTO Energy ExxonMobil Inc. and affiliates to acquire certain assets in the Williston Basin.