Brigham Minerals Inc. has agreed to acquire a package of mineral and royalty interests in the Permian Basin from funds managed by Avant Natural Resources LLC for about $132.5 million.

The assets in West Texas span roughly 3,900 net royalty acres in the Midland sub-basin in Martin and Midland counties. The acreage is being developed by operators including Endeavor Energy Resources LP, ExxonMobil and Pioneer Natural Resources Inc. 

The operators are currently running more than 40 rigs in the basin, said Brigham CEO Robert Roosa.

“I personally view this acquisition as the highest quality Midland Basin package we’ve evaluated to date given both the diversification across two of the most prolific geologic counties in the Lower 48 and the high-quality operator composition,”...