U.S. Energy Development Corporation (USEDC), a Fort Worth-based exploration and production company, has acquired 20,000 net acres in Reeves and Ward Counties, Texas. The expansion includes a substantial proved producing component and multi-year drilling inventory to supplement the firm’s existing footprint in the area, marking it the largest single acquisition in the company’s 45-year history that significantly expands its total Permian Basin holdings.
The USEDC plans to run a dedicated drilling rig, making this acquisition a key component of USEDC’s 2025 plan to invest up to (USD) $1 billion in U.S. oil and gas properties as it continues to evaluate opportunities that align with its disciplined investment strategy.
The USEDC also announced that it completed an increase in the borrowing base and commitments under its syndicated revolving credit facility led by Citibank, N.A. from (USD) $165 million to (USD) $300 million. The upsized revolving credit facility provides USEDC with significant financial flexibility to support its continued growth and has a maximum credit amount of (USD) $500 million.