EagleRock Land, LLC, a prominent surface land management company in the Permian Basin, has acquired the Intrepid Ranch from Hydrosource Logistics LLC for $78.2 million.
The acquisition encompasses approximately 50,000 surface acres, significantly expanding EagleRock's holdings in Lea County, New Mexico by about 60 percent.
The transaction was financed through a mix of cash reserves and borrowings from EagleRock's revolving credit facility, underscoring the company's robust financial position.
This strategic purchase was unanimously approved by EagleRock's board of directors, highlighting the company's commitment to strengthening its presence in the region.
“We look for assets that are worth more inside the EagleRock platform than individually, and the Intrepid Ranch clearly fits that standard," said Greg Pipkin, Chief Executive Officer of EagleRock. “It creates a contiguous corridor from the state line through the heart of Lea County and our existing New Mexico acreage. "