Private-equity backed Colgate Energy Partners III LLC is adding to its arsenal in the Permian Basin of New Mexico in a $190 million deal with an undisclosed seller.

The 22,000 net acres “directly offset” the Midland, TX-based producer’s position in the Parkway area of New Mexico’s Eddy and Lea counties, the management team. 

“Building on the transformative transactions completed earlier this year in Texas, this New Mexico acquisition adds to Colgate’s position as one of the premier private operators in the Permian Basin,” Co-CEO James Walter said. 

Occidental Petroleum Corp. in June sold Colgate 25,000 net acres of Permian West Texas acreage, along with the production, for $500 million. The purchase included 25,000 net acres in Reeves and Ward counties, along...