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Concho Resources has entered into an agreement with Reliance Energy to acquire approximately 40,000 net acres in the core of the Midland basin. The $1.625-billion acquisition will enhance the company’s drilling inventory, with more than 530 long-lateral drilling locations targeting the Middle Spraberry, Lower Spraberry and Wolfcamp B. Estimated proved reserves attributable to the acquisition total approximately 45 MMboe. Proved developed reserves represent about 69% of the total proved reserves. Photo: Concho Resources.

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