Exploration

Diamondback Pays Top Dollar In Delaware Deal

Diamondback Energy Inc. (NASDAQ: FANG) took the plunge into the Delaware Basin July 13, saying it has a deal to add roughly 20,000 net acres to its Midland-centric portfolio.

Diamondback entered a definitive agreement to buy leasehold interests and related assets primarily in Reeves and Ward counties, Texas, for $560 million. The seller was an undisclosed, unrelated third-party, the company said.

At a price of $27,000 per acre, Diamondback has set a high point in the Delaware Basin. Recent acreage has sold at prices ranging from $10,000 to $20,000, analysts said. However, the land, near the Pecos River, is in a sweet spot that could rival the Midland Basin.

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