ARLINGTON, Texas, Aug. 16, 2021 /PRNewswire/ — U.S. Energy Development Corporation (U.S. Energy), an exploration & production (E&P) firm which provides direct investments in energy, announced its most recent acquisition in the Permian Basin for $14.1 million, bringing the firm’s total investments to $86 million within the past year.
The new project is located in Reeves County, Texas in the core of the Delaware Basin and is targeting the Wolfcamp Shale.
«The Permian Basin continues to be an area where we actively pursue investment opportunities on behalf of our partners,» said Jordan Jayson, CEO and chairman of the board for U.S. Energy. «We are on track to continue making investments in this area and intend to reach $150 million in projects by year end 2021.»
The Permian Basin is one of the oldest and most widely recognized oil and gas producing regions in North America. It covers approximately 86,000 square miles across New Mexico and Texas. The Permian is divided into three main sub-basins: Midland Basin, Central Basin Platform, and Delaware Basin.
About U.S. Energy Development Corporation
U.S. Energy Development Corporation is a privately held oil and gas operator established in 1980 which provides direct investments in energy. The firm was named the Best Investment Company in North America by World Finance in its 2020 Oil & Gas Awards. U.S. Energy has invested in, operated and/or drilled more than 2,400 wells in 13 states and Canada and deployed more than $1.5 billion on behalf of its partners. More information is available at http://www.usedc.com/
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SOURCE U.S. Energy Development Corporation