Concho Resources Inc. has completed its previously announced acquisition of approximately 40 000 net acres in the core of the Midland Basin from Reliance Energy for approximately US$1.625 billion. The acquired assets, which are located in Andrews, Martin and Ector counties in Texas, include production of 10 million boe/d, comprised of 67% crude oil. Concho is currently running one rig on the acquired assets and plans to add a second rig in early 2017.
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