LandBridge (LB) said Tuesday it signed a deal to acquire around 46,000 surface acres in the Southern Delaware Basin, known as the Wolf Bone Ranch, from a VTX Energy Partners subsidiary for $245 million in cash.
VTX Energy agreed to a minimum annual revenue commitment to LandBridge of $25 million for the next five years, LandBridge said.
LandBridge said it expects to fund the transaction with $200 million from proceeds of a private placement and borrowings under its credit facilities.
The private placement is for 5.8 million shares at $60.03 apiece, LandBridge said.
The deal and the private placement are expected to close in Q4.
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