LRG Energy LLC (LRG), a private, independent oil and gas company based in Borger, Texas, announced its acquisition of the assets of the Bjorger Companies. The acquisition includes approximately 800 wells and integrated salt water disposal wells in Carson, Gray, Montague, Stephens, Wise, Hutchinson, Hansford, Moore, and Sherman counties in Texas.
The assets acquired will further enhance LRG's rapidly expanding footprint in the Texas Panhandle. This acquisition includes production and development opportunities spanning approximately 35,000 acres, all off-setting LRG existing properties. This is LRG's ninth acquisition in the past four years, making LRG among the largest independent operators in the Texas Panhandle.
LRG owns and operates approximately 5,000 wells, primarily in the Texas Panhandle, through its three operators: Large Operating, Ponderosa TX Operating and D10 Energy. LRG's strategy is to acquire existing wellbores, return to production (RTP) nonproducing wells, while flat-lining decline curves and cutting costs. LRG believes its strategy is ESG effective by repairing older wells and thereby reducing each well's carbon emission impact. Through its operators, LRG owns all of its own service equipment and is among the largest independent service providers in the area, making it a low-cost, vertically integrated oil and gas producer (see www.lrgtx.com).
Cory Meadows (Head of Operations), 806 681 5952
Richard Sands (Management), 917 208 6368, [email protected]
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Original Source: LRG Energy Acquires Texas Panhandle Assets of Bjorger Companies