Riverstone Holdings LLC is currently in discussions with SM Energy Co. to sell Rock Oil Holdings LLC for $980 million. Once the deal is set, it would boost SM Energy holdings in the known oil field of Permian Basin as Rock Oil currently controls 24,783 acres in the area. According to the estimates of Bloomberg, if the deal is finalized, each acre is worth $39,543 and SM Energy can start its operations by October. They will also control 46,750 acres in the Permian Basin, making them the largest firm in the area.
The deal is expected to be finalized in October.
Read more about this here: Denver co. inks deal with Houston energy firm for $980M