The acquisition will create one of the largest private companies in the Permian Basin, with around 57,000 net acres, roughly 45,000 boe/d and 4 rigs running as of June 1, 2021.
MIDLAND, Texas (BUSINESS WIRE) Jun 2, 2021
Colgate Energy Partners III, LLC (the âCompanyâ or âColgateâ) announced today that it has entered into a definitive agreement under which Colgate will acquire a majority of the assets owned by Luxe Energy LLC (âLuxeâ) in an all-stock transaction. Luxe will continue to own and manage certain assets including a portion of the non-operated leasehold interests that are operated by MDC Reeves Energy, LLC and its affiliates. Closing occurred simultaneously with signing of a definitive agreement on June 1, 2021.
Pro Forma Acreage Map (TX Zoom-In) (Graphic: Business Wire)
Luxe Highlights
Current average net daily production of ~17,000 Boepd