Basin Properties announces the sale of its interests in two ranches in Lea County, New Mexico, as well as Accelerated Water to an undisclosed buyer for $180 million. The ranches include nearly 72,000 surface acres in a geologically favorable part of the Delaware Basin, while Accelerated Water, Basin’s service subsidiary, sold over 43.5 million barrels of water for oil and gas operations in 2024.
The sale represents a full exit for Basin Properties, which was formed in 2018 when the ranches were acquired and merged with Accelerated Water. Basin Properties was formed with capital from Lime Rock Partners and management team members operating in the Permian Basin.
J McLane, managing director and chief investment officer of Lime Rock Partners, says, “In 2018, we observed a growing shortage for water and infrastructure in the New Mexico side of the Delaware Basin, one of the most prolific areas for oil and gas development in the United States. … We are grateful for the hard work and excellent execution by the Basin management team.”