Basin Oil & Gas Closes $33 Million Acquisition


"We are excited to purchase these mineral and working interests in such a prolific, long-lived asset in the heart of the Permian."
- Stephen Howard,
Basin's President & Chief Executive Officer

FORT WORTH, Texas, June 15, 2016

Basin Acquisition Fund GP, LLC ("Basin") today announced that Basin and its partners have closed the acquisition of oil and natural gas assets from Chevron U.S.A. Inc. for an aggregate purchase price of approximately $33 million.

This transaction includes net production of approximately 600 BOE/d and over 3,300 net HBP acres in the North Cowden Field in the heart of the Permian Basin.  This purchase includes substantial royalty, overriding royalty, net profits interest, and working interest under one of the Permian's most prolific fields.  Basin has partnered with Texland Petroleum, L.P. on 50% of the transaction, which will become the operator of a portion of the assets.

“We are excited to purchase these mineral and working interests in such a prolific, long-lived asset in the heart of the Permian.  We continue to focus on buying quality assets and partnering with best-in- class operators throughout the commodity price cycle.” said Stephen Howard, Basin’s President and Chief Executive Officer.

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