Northwest Shelf of the Permian Basin
The Permian Basin is an oil and natural gas producing area located in West Texas and the adjoining area of Southeastern New Mexico covering an area approximately 250 miles wide and 300 miles long, and encompasses several sub-basins, including the Delaware Basin, Midland Basin, Central Basin Platform and Northwest Shelf.
Our acreage is primarily located on large contiguous blocks in Yoakum County, Texas, which represents our Champions field and in Eddy County, New Mexico, which represents our Red Lake field acquired in the 2023 and 2024 New Mexico Acquisitions. Riley Permian’s acreage in Yoakum County offsets legacy Permian Basin San Andres fields, including the Wasson and Brahaney fields, with development in the area beginning in the 1930s and 1940s. We believe the horizontal San Andres wells we and offset operators have drilled to date have delineated our acreage. In Eddy County, New Mexico, our acreage offsets legacy Permian Basin Abo, Yeso, and San Andres fields, including the Red Lake and Loco Hills fields, which have been producing since horizontal development in the area began in 2007 and 2008, with production from vertical wells dating to the 1950s. Based on the close proximity to these productive fields, combined with the horizontal Yeso wells we and offset operators have drilled to date, we believe we have significantly delineated our acreage.
As of December 31, 2024, we had 58,270 net acres and a total of 612 net producing wells. We operated 96% of our net production for the year ended December 31, 2024, and have an average working interest of 91% in our operated wells. Our average net daily production during the year ended December 31, 2024, was approximately 22,546 Boe/d.