Riley Exploration Permian completed the acquisition of oil and gas assets from Pecos Oil & Gas for $330m.

Riley Exploration Permian, a growth-oriented, independent oil and natural gas company, completed the acquisition of oil and gas assets from Pecos Oil & Gas, a privately owned oil and gas exploration and production company, for $330m. "We're excited to add this prolific asset and new region to our portfolio. Our team has been highly selective in reviewing acquisition opportunities, and this is a deal that fits our criteria, as it brings over 100 high quality drilling locations and provides immediate accretion to relevant financial metrics. This is an under-developed asset with extensive development potential, allowing for value creation potential through the drillbit. Our enhanced scale will improve our cost structure, will facilitate normalizing development cadence and may lead to oilfield service cost savings. Overall, we believe this transaction positions our Company to continue delivering strong financial performance and shareholder returns," Bobby Riley, Riley Permian CEO and Chairman.