Laredo Petroleum Inc. has identified 50% more drilling locations in the Permian Basin acreage it acquired last year than initially envisioned.

Laredo

“These deals initially added about 250 locations, but importantly recent drilling success has added an additional 125 locations across areas where we ascribed no value at the time of the acquisition,” said CEO Jason Pigott in a February call with analysts to review fourth quarter and full-year 2021 earnings.

Laredo expanded its Texas footprint in 2021 by acquiring about 41,000 net acres in Howard and western Glasscock counties. The new acreage holds about 250 “high-margin, oil-weighted” Permian locations, management said. Appraisal drilling has since yielded about 35 Middle Spraberry and about 90 Wolfcamp D formation...