Independent oil and natural gas company, Diamondback Energy, Inc. has wrapped up its interest and asset acquisition from Guidon Operating LLC, a Blackstone Energy Partners company, according to a press release.
The equal sum of the aggregate fair market value, serving as effective date adjustments, was calculated to be $375 million with 10.68 million common stock shares. The addition will include 32,500 net acres in Texas’s Northern Midland Basin.
The space will mainly be used for production to allow the opportunity for capital and further development. Diamondback, based in Midland, Texas continues its efforts to expand through acquisitions and development, and by profiteering oil and natural gas residing mainly in the Permian Basin in West Texas.
The company’s duties primarily consist of the horizontal exploitation of various intervals in Wolfcamp, Spraberry, Clearfork, Bone Spring, and Cline sections of the basin.