The Houston based Black Stone Minerals LP (NYSE: BSM) entered an agreement with an undisclosed seller to acquire an interest in 4,800 gross acres in Weld County, Colo., for $35 million. The transaction will be funded with cash on hand and borrowings under its credit facility.
The acreage is prospective for the Niobrara B, Niobrara C and Codell intervals. Estimated next 12-month production is expected to average about 700 barrels of oil equivalent per day (35% oil), the release said.
The acquisition is anticipated to be completed by the end of second-quarter 2016, subject to customary closing conditions.
In April, Black Stone said it entered into an agreement with Freeport-McMoRan Oil & Gas for the acquisition of a diverse mineral asset package for $102 million. The Freeport deal is also expected to close in the second quarter.