Resolute Energy Expands Basin Operations, Acquire Oil Production And Acreage

Resolute Energy Corporation (NYSE: REN) has announced that it has entered into a definitive agreement to amass oil assets, including existing production and undeveloped acreage, in the Permian Basin of Texas and southeast New Mexico from a private party for a purchase price of roughly $120 million.

As quoted in press release: Nicholas Sutton – CEO of Resolute Energy

Since our founding, Resolute has aggressively pursued the most attractive domestic oil plays to create the foundation for long-term growth in value.  We plan to realize the growth potential from these new assets, which is largely self-funded, with a drilling program over the next four to five years.  The Permian Basin is an area we have long targeted as an important growth engine for the Company, and this most recent expansion further strengthens our visible growth potential in this multi-pay, multi-play oil-prone region.

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