88 Energy expanded its footprint in Texas' Permian Basin by acquiring an additional non-operated working interest in leases and wells with conventional onshore production and development opportunities.
The acquisition, made in a joint venture with Lonestar I, comprised roughly 64.4% net working interest in 1,262 net acres, connecting existing Project Longhorn assets.
The purchase price of US$350,000 ($522,5790) was paid in cash by the joint venture, Bighorn Energy.
Following the expansion, 88 Energy expects Longhorn's total gross production to reach approximately 600 to 675 barrel of oil equivalent per day by the end of 2024.