Elk Range Royalties (“Elk Range”) is pleased to announce its acquisition of Newton Financial Corporation, LP, Concord Oil Company, LP, and Mission Oil Company, (“Newton/Concord”) who collectively own a substantial mineral and royalty interest asset spanning the Permian and Eagle Ford basins. This strategic transaction expands Elk Range’s footprint across premier oil and gas producing regions in Texas.
The acquisition includes approximately 13,500 net royalty acres (NRA) strategically positioned in the prolific Permian Basin (4,500 NRA) and Eagle Ford (3,000 NRA), with additional assets across Texas. The key operators across the asset include ExxonMobil, Apache, Diamondback, Occidental, ConocoPhillips, and Continental, who have spudded an average of 148 wells per year on the properties since 2021.
This acquisition provides for near-term cash flow growth through 28 DUCs and 76 permits, and with more than 2,800 identified undeveloped locations, provides significant long-term inventory.
Elk Range’s CEO, Charlie Shufeldt, commented, “Closing this deal underscores our commitment to acquiring high-quality royalty assets in some of the most active basins, blending immediate cash flow with long-term development opportunities. I am proud of the work our team has done over the last twelve months to scale our portfolio. With this deal we have deployed over $141 million since January 2024 and expect to continue that momentum through 2025.”
Elk Range was represented by Gibson, Dunn & Crutcher LLP in the transaction. Newton/Concord was represented by TenOaks Energy Advisors as marketing advisor and Jackson Walker as legal advisor.
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