Resolute

A relentless chase to capture and develop more land in the Permian Basin has led Resolute Energy Corp. to rethink keeping its legacy Aneth Field holdings in Utah’s Paradox Basin.

Denver-based Resolute Energy Corp. is increasing its position in West Texas after striking a $160 million deal to capture 4,600 net acres within the Permian Basin and adding 800 boe/d in output.

Resolute Energy Corp. is boosting its holdings in the Permian Basin’s Delaware formation after agreeing to pay $135 million for close to 3,300 net acres in Reeves County, TX.

Resolute Energy Corp. CEO Nicholas J. Sutton is retiring at the end of the year and is being succeeded by COO Richard F. Betz, the Denver-based exploration company said. Sutton is to continue “indefinitely” as executive chairman and remain “involved with material business and strategic matters.” Sutton has been chairman and CEO since Resolute was formed in 2004, creating one of the top Permian Basin players. He co-founded and ran HS Resources from 1987 until it was acquired in late 2001 by Kerr-McGee Corp. Betz, executive vice president and COO since March 2012, has been at Resolute since its inception. He also spent 17 years with Chase Securities Inc., an affiliate of the Chase Manhattan Bank, and its successor companies, where he was involved primarily in oil and gas corporate finance. Betz received a bachelor’s degree in finance from Villanova University and has a master’s degree from the Wharton School at the University of Pennsylvania.

Resolute Energy Corp. is peeling off more of its Permian Basin midstream portfolio in Texas to devote more money to ever-better oil and gas wells within the Wolfcamp formation, the Denver-based producer said Friday.