LandBridge (LB) said Friday it has completed the acquisition of the Wolf Bone Ranch, which includes about 46,000 surface acres in the Delaware Basin, from VTX Energy Partners.
LandBridge secured a $25 million minimum annual revenue commitment for the next five years from VTX Energy, covering surface operations and water handling royalties.
The company said it financed the acquisition with $200 million from a private placement and $45 million in borrowings from its debt facilities.
LandBridge shares were up 4% in recent trading.
Price: 56.90, Change: +2.14, Percent Change: +3.91
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