Phoenix Capital Group, an oil and gas mineral rights acquisition company, said on April 25 that it has acquired 1,500 net royalty acres in the Uinta Basin, where it says it has spent more than $60 million to date.
The interests, in Duchesne County, Utah, have an estimated lifetime revenue of approximately $144 million, the company said. Since April 2023, the acreage delivered approximately $6.3 million in royalty income for the seller, according to the release.
Phoenix Capital Group’s portfolio includes more than $500 million in booked assets throughout basins in the U.S., according to the release.
The purchase price for the acreage was not disclosed in the company’s announcement of the transaction.
Recommended Reading
Tellurian Reports Driftwood LNG Progress Amid Low NatGas Production
2024-05-02 - Tellurian’s Driftwood LNG received an extension through 2029 with authorization from the Federal Energy Regulatory Commission and the U.S. Army Corps of Engineers.
EQT Declares Quarterly Dividend
2024-04-18 - EQT Corp.’s dividend is payable June 1 to shareholders of record by May 8.
Matador Resources Announces Quarterly Cash Dividend
2024-04-18 - Matador Resources’ dividend is payable on June 7 to shareholders of record by May 17.
BP Restructures, Reduces Executive Team to 10
2024-04-18 - BP said the organizational changes will reduce duplication and reporting line complexity.
Equitrans Midstream Announces Quarterly Dividends
2024-04-23 - Equitrans' dividends will be paid on May 15 to all applicable ETRN shareholders of record at the close of business on May 7.