Rising Phoenix Capital continues to acquire mineral and royalty rights in the Permian Basin.
Dallas-based Rising Phoenix rolled up additional Midland Basin interests through the firm’s Maroon Bells Fund portfolio, according to a July 11 statement. The mineral rights are in Ector and Midland counties, Texas, and operated by ConocoPhillips.
The deal is Rising Phoenix’s fourth minerals acquisition in the Midland Basin this year, boosting its ownership interest in one of the nation’s most active oilfields.
Hart Energy has reached out to Rising Phoenix for more information on the latest deal.
Rising Phoenix CEO Jace Graham told Hart Energy in May that the firm has built a core Midland position with exposure to multiple producing zones.
The company’s last acquisition was purchased directly from the seller and included 70 producing wells, three DUCs and 43 upside locations.
Last August, the company’s subsidiary Rising Phoenix Royalties purchased 230 net royalty acres in Dawson County, Texas, from SM Energy Co.
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