Elk Range Royalties closes $905 million acquisition of DJ Basin assets

Elk Range Royalties has announced a landmark acquisition of a significant mineral and royalty position spanning approximately 250,000 net royalty acres (NRA) in the DJ Basin from affiliates of Occidental Petroleum (Oxy). The $905 million transaction significantly expands Elk Range’s presence in a premier oil and gas region and aligns with Elk Range’s strategy of acquiring attractive royalty assets in core basins.

The newly acquired assets are actively being developed by leading operators, including Chevron and Civitas, who collectively account for more than half the wells spud in 2024. The high-quality operator footprint enhances production visibility and long-term value creation. The acquisition includes an attractive mix of current production, near-term activity through DUCs and long-term growth through undeveloped upside.

“This deal marks a milestone achievement for our team demonstrating our ability to underwrite and close on large assets," said Charlie Shufeldt, CEO of Elk Range Royalties. "We remain committed to expanding our portfolio with high-quality royalty assets in proven basins. The DJ Basin presents some of the best operator economics in the US, and this acquisition positions us to capitalize on both near-term cash flow and long-term development potential.”

In February 2025, NGP and the Elk Range team established Elk Range Royalties III. With this transaction, Elk Range continues its acquisition momentum, having deployed over $1.2 billion in capital since its launch in 2020. The company has significant dry powder and remains focused on further mineral and royalty acquisition opportunities.

Gibson, Dunn & Crutcher LLP, Kirkland & Ellis LLP and Holland & Knight LLP served as legal counsel to Elk Range. JPMorgan Bank served as lead arranger on the new credit facilities supporting the transaction and Texas Capital (NASDAQ: TCBI) served as lead arranger on the upsize of the Elk Range Royalties II, LP credit facility. Wells Fargo and CIBC Capital Markets served as financial advisors and White & Case LLP served as legal counsel to Occidental.