With all the Okla., oil and gas acquisitions practically tripping over themselves lately, Reese Energy Consulting today is looking at a quieter deal you might have missed but we think is worth noting. Tulsa-based Laredo Petroleum is no rookie in the Permian Basin. The company embraced horizontal drilling early on, snapping up land like a spirited Sooner, and completing its first well in 2009. Two years later, this E&P acquired Dallas-based Broad Oak Energy for $1 billion, bolstering its position in the Midland and making the company a formidable independent there with 140,000 mostly contiguous acres. And contiguous is the operative word to best describe Laredo’s strategy as a Permian pure player with the ability—especially this year—to reduce debt, generate handsome cash flow, employ technology, and make a new bolt-on acquisition. The $11.3 million deal, announced two days before Laredo released its 3Q earnings report at October’s end, includes 2,758 net acres and 210 BOED in Howard County, increasing the company’s presence there to 11,299 acres.
Laredo Petroleum, Inc. is a company engaged in hydrocarbon exploration organized in Delaware and headquartered in Tulsa, Oklahoma. Laredo Petroleum has no connection or association with Laredo Oil, traded on the over-the-counter market.