Parsley Energy, Inc. (PE) (“Parsley Energy” or the “Company”) today announced that it has entered into an agreement to acquire certain undeveloped acreage and producing oil and gas properties located adjacent to the Company’s existing operating areas in Upton, Reagan, and Glasscock Counties, TX for an aggregate purchase price of $148.5 million in cash (subject to customary purchase price adjustments).
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One thing that signals the end of an oil price cycle is an increase in M&A activity. DVN and PE are the first two to make a move, but with oil reserves very cheap on Wall Street, I think we will soon see a lot of deals announced. The Big Fish go after the Little Fish.
Parsley Energy
Parsley Energy
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group