AUSTIN, Texas (Local 2/FOX 24) - Parsley Energy has entered into an agreement to acquire undeveloped land to be used for oil and gas production in the Midland Basin, according to a media release on their website.
Parsley will be buying assets from Double Eagle Energy Permian, LLC in a $2.8 billion deal. That deal is subject to purchase price adjustments and customary closing conditions.
The release states that once the deal is approved, it will add about 71,000 net acres to Parsley's Midland Basin portfolio, bringing their total to about 227,000 acres.
The company intends to increase drilling activity on their expanded lands.
For a more detailed look at the deal, you can read the press release on their website.
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