Acreage
REI’s CBP assets are located in Andrews, Gaines, Crane, Ector, Winkler and Ward Counties, Texas. As of December 31, 2023, we owned interests in a total of 63,912 gross (56,711 net) developed acres and 3,385 gross (2,668 net) undeveloped acres. As of December 31, 2023, the Company had interests in approximately 695 gross vertical and 197 horizontal producing wells, of which we operate 587 vertical and 195 horizontal wells.
In summer 2022, REI acquired additional CBP producing assets and acreage from Stronghold Energy II. The purchase included 66.6 million Boe of proved reserves of which 41.2 million BOE was proved developed.
The acquisition added about 37,000 net acres primarily in Crane County, Texas that are 99% operated with 99% working interest and 99% held by production. It also included 200 low-cost and low-risk drilling locations, more than 200 identified low-cost, high rate-of-return recompletion opportunities, and over 100 low-cost, low-risk step out locations.
In summer 2023, REI acquired additional CBP producing assets and acreage from Founders Oil & Gas IV, LLC. The purchase included 8.2 million Boe of proved reserves of which 4.5 million BOE was proved developed.
The acquisition added about 3,600 net acres in Ector County, Texas with approximately 99% working interest and approximately 50 low-cost, high rate-of-return undeveloped drilling locations.
