A private equity-backed US oil company led by former Statoil executives has bought 18,000 acres in Texas.
The move has been seen as the latest deal by investors looking to snap up land where the value has dropped on the back of lower oil prices.
Luxe Energy was formed by former Statoil executive last year with $500million in equity financing fro NGP Energy Capital Management.
It is understood the company planned to announce it had bought acreage from privately held Endeavour Energy Resources and Finley Resources.
According to reports, financial terms have not been disclosed.
Luxe Chief Executive Lance Langford said: “This land is clearly worth a lot of money due to the quality of the rock.
“Low oil prices have created an opportunity for us to come in and buy a significant position in one of the top areas in one of the top basins in the United States.”