Carbon Natural Gas Co. affiliate Carbon Appalachian Co. LLC has paid an undisclosed seller $41.3 million for 780,000 net acres and 3,100 miles of natural gas pipelines and related facilities in West Virginia. The conventional assets are producing 37.4 MMcfe/d of natural gas and are 84% held-by-production. Carbon Appalachian was formed earlier this year with a $100 million equity commitment from two undisclosed investors to acquire and develop property in the region. It acquired another package of assets in West Virginia over the summer. Carbon, which operates in the Appalachian, Illinois and Ventura basins, increased its ownership in the subsidiary to 19.37% from 16%.
Lilis Energy Inc. agreed to buy more than 4,000 net acres in the Permian Basin for $45.6 million from an undisclosed seller. The agreement is set to close in November. The purchase would increase the company's position in the Delaware sub-basin to more than 15,000 net acres and 900-plus net drilling locations. The company in September was producing about 2,952 boe/d net from the Delaware, 71% liquids.