Lime Rock Resources has announced that it has reached a definitive agreement to buy oil and gas properties in the Delaware Basin of Texas for $508.3 million from “a private seller”.

The acquired property, which is primarily in Loving County, Texas, was producing 15,163 barrels of oil equivalent per day as of the April 1 transaction effective date, Lime Rock Resources revealed. The transaction is expected to close on September 30.

“The high volatility in the energy business over the last 18 months has created some unique opportunities in the oil and gas property market,” Eric Mullins, the chairman and chief executive officer of Lime Rock Resources, said in a company statement.

“This acquisition is one of those opportunities, which fits quite well the Lime Rock Resources acquisition strategy,” he added in the statement.

Commenting on the deal, Charlie Adcock, the vice-chairman of Lime Rock Resources, said, “we look forward to taking over operations in a few months to optimize existing production and pursue other value creating initiatives”.

Lime Rock Resources acquires, operates, and improves producing oil and gas properties in the United States, according to the company’s website. The business, which is based in Houston, Texas, has operations in the Appalachian basin, the Permian basin, the Williston basin, the mid-continent, the Gulf Coast, and the Gulf of Mexico, and is involved with both oil and natural gas, its website shows.

Lime Rock Resources is headed by Mullins, who co-founded the business along with Adcock. Prior to joining the company, Mullins served as a managing director in the investment banking division of Goldman Sachs, where he led numerous financing, structuring, and strategic advisory transactions for public and private exploration and production companies in the division’s natural resources group. Mullins also serves on the board of directors for ConocoPhillips and Valero Energy Corporation.

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