AUSTIN, Texas--(BUSINESS WIRE)--PetroLegacy Energy II, LLC (“PetroLegacy”) announced today that it has closed on the acquisition of roughly 20,000 net acres in northeastern Martin County, Texas, from Pioneer Natural Resources Company (NYSE: PXD) for $266 million. This highly contiguous position in the northern Midland Basin is currently producing approximately 1,500 BOE/d and will provide PetroLegacy with horizontal drilling locations across the property prospective for the Lower Spraberry, Wolfcamp A and Wolfcamp B formations. In addition, PetroLegacy believes the asset contains additional horizontal drilling potential in other stacked-pay formations, including the Middle Spraberry, Jo Mill and additional Wolfcamp horizons.
About PetroLegacy Energy II, LLC
PetroLegacy Energy II, LLC, a privately held exploration and production company based in Austin, Texas, was formed in September 2016 with an equity commitment from EnCap Investments L.P. For additional information, please visit www.plellc.com.