Parsley Energy, Inc. (NYSE:PE) entered into agreement to acquire undeveloped acreage and producing oil and gas properties in Midland and Southern Delaware Basin for approximately $610 million.

Parsley Energy, Inc. (NYSE:PE) entered into agreement to acquire undeveloped acreage and producing oil and gas properties in Midland and Southern Delaware Basins for approximately $610 million in fourth quarter of 2016. The consideration will be paid in cash and Parsley Energy deposited $48.2 million will be deposited in escrow account. The transaction includes acquisition of 25,200 gross leasehold acres in Midland Basin for $405 million and 6,600 gross acres in Southern Delaware Basin for approximately $205 million. In a related transaction, Parsley Energy acquired certain mineral interests in the Southern Delaware Basin for an aggregate purchase price of $43 million. Parsley will finance these acquisitions through an equity offering announced concurrently with the acquisitions. The transaction is subject to customary condition. Midland Basin transaction is expected to complete on or before February 27, 2017 and Southern Delaware Basin transaction is expected to complete on or before January 31, 2017.