As the Managing Partner of Ranger 40 Petroleum, LLC, Richard Counts is responsible for managing a number of different aspects of the company’s operations. He recently negotiated a successful sale of Permian assets with a leading company in the gas and oil industry, Resaca Exploitation, Inc. Richard Counts announced that Ranger 40 Petroleum, LLC closed a deal with Resaca Exploitation, Inc. for 8.1 million dollars for Ranger 40 Petroleum’s Langlie Jal Field assets in Jal County, NM.

Permian assets are highly coveted natural resources in the Permian Basin region of western Texas and New Mexico, says Richard Counts. These assets refer to gas and oil reserves in the basin, which are continually sold and traded to leading energy companies in the area. As the Permian Basin is a noted area for these natural resources, billion dollar plus deals are not uncommon. Nevertheless, Richard Counts is excited to have been a part of this closure and believes the deal to be very advantageous to Ranger 40.

Managing Partner Richard Counts notes that Ranger 40 owns and operates over 100 wells throughout the Permian Basin. According to Richard Counts, Ranger 40 Petroleum’s focus on the Wind River Basin has and continues to pay substantial dividends. Although the Permian Basin will constitute the majority of Ranger 40 Petroleum’s focus for the near term, Richard Counts states that Ranger 40 Petroleum is negotiating for a number of projects in Kansas and Oklahoma. Internationally, Ranger 40 Petroleum is currently seeking opportunities in South America, many of which have just recently become feasible.

Richard Counts has felt continually challenged by his work in the energy industry. Richard Counts states, “The sale of Permian assets to Resaca Exploitation, Inc. was a complex undertaking.” As quality prospects are becoming increasingly scarce, notes Richard Counts, the process of purchasing Permian assets is highly competitive.

It is for this reason that Richard Counts is so pleased to be a part of such a deal. Richard Counts also believes that this deal will allow Ranger 40 to focus in its core assets.