(KWES) - Marathon Oil Corporation made a big announcement on Tuesday involving some serious money.
On Tuesday, Marathon Oil Corporation announced that they will be acquiring approximately 21,000 net surface acres largely in the Permian's Northern Delaware Basin of New Mexico from Black Mountain Oil & Gas and other private sellers.
The acquisition will cost Marathon Oil $700 million in cash.
In a press release, Marathon Oil President and CEO, Lee Tillman, said, "Today's (Tuesday's) 21,000 acre bolt-on in the Northern Delaware is an excellent fit with the basin entry acquisition we announced earlier this month. The combined deals provide us more than 90,000 acres in the Permian, over 70,000 of which is concentrated in the Northern Delaware. While we expect to pursue additional trades and grassroots leasing, this bolt-on achieves the scale necessary for efficient long-term development in the basin."
