As part of the deal, the company will acquire around 26,000 net acres in the Cleveland, Tonkawa and Marmaton plays in the Texas Panhandle and western Oklahoma.
The acquired assets are expected to include 92 producing wells with net production of around 3,400 barrels of oil equivalent per day (Boe/d), of which 54% is liquids.
In addition, the acquired assets include proved reserves of 14.3 million barrels of oil equivalent (MMBoe) and 225 identified drilling locations with a working interest of 70%.
Jones Energy chairman and CEO Jonny Jones said the transaction increases company’s inventory of drilling locations in core operating areas of the firm.
"We are acquiring appealing assets in the heart of the liquids-rich fairway of our Cleveland play, where we have operated for over 25 years and drilled over 300 horizontal wells," Jones added.
