Eagle Ford footprint approaches 430,000 acres
WildHorse Resource Development Corporation (ticker: WRD), an independent oil and natural gas company based in Houston TX, announced yesterday it closed on two separate purchase and sale agreements.
The combined total acreage is 20,305 net acres in the Eagle Ford and Austin Chalk plays, with other intervals.
Production is 39 Boe/d across Burleson, Brazos, Lee, and Washington Counties.
WRD also leased 10,700 net acres in the Eagle Ford and Austin Chalk year to date, still net of lease expirations. This adds to the 418,000 net acres in the Eagle Ford that WildHorse currently owns.
Overall, WRD has acquired approximately 31,005 net acres in 2018 for approximately $43.0 million. This implies an acreage valuation of $1386/acre, which is below the acreage price in Eagle Ford this year.
“We are committed to solely consolidating the Northeast Eagle Ford and will continue to prudently add similar acreage where it makes economic sense and adds value to our shareholders,” WildHorse Chairman and CEO Jay Graham said in a statement.
Of the total consideration for 2018, approximately $7.6 million has been recognized on WRD’s first and second quarter 2018 financial statements.
