An Austin-based driller is purchasing about 71,000 acres of land in the energy-rich Permian Basin of West Texas from a Fort Worth oil explorer.
Parsley Energy said in a statement Tuesday it's acquiring the land from Double Eagle Energy Permian for $2.8 billion.
The deal comes just a few weeks after oil and gas giant Exxon Mobil Corp. announced it's buying the Permian Basin holdings of the Bass family, of Fort Worth, in a more than $6 billion stock and cash deal.
Tuesday's announcement, also a stock and cash deal, will bring Parsley's holdings in the basin to 227,000 acres.
The Permian is actually a series of basins and other geologic formations in West Texas and southern New Mexico. It's one of the most productive oil and gas regions in the U.S.
