Three Rivers owns 200,000 net acres in the Permian Basin, an area spanning Texas and New Mexico that is undergoing an exploration boom fueled by crude over $90 a barrel and technology such as horizontal drilling to extract oil.
The company had only acquired its assets in the last two years and the sale to Concho in a relatively short time frame underscores the growth prospects of the U.S. energy sector.
Already a subscriber? Log in
Save 30% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
