North American oil deals trickle back after Brexit shock

Oil prices (CLc1) have held steady at or above $45 a barrel for a majority of the last two months and touched a 2016 high above $51, ahead of the British referendum.

Tudor said buyers were banking on it eventually settling at around $60 a barrel, giving them confidence about buying drilling acreage in some of the nation's shale heartlands.

U.S. oil and gas producer Diamondback Energy Inc (O:FANG) last week said it would spend $560 million buying leases on oil-rich land in the Southern Delaware Basin, within the Permian Basin, the top U.S. oilfield, where initial production results have been strong and costs are coming down.

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A day later, U.S. energy company Laredo Petroleum Inc (N:LPI) said it would spend $125 million buying acreage in the Midland Basin, also part of the Permian.

Before the British referendum on June 23, buyers and sellers had grown comfortable with the idea that oil had rebounded from 12-year lows. That conviction helped to unclog the acquisition pipeline after a long-dormant period in which deals were offered but failed to materialize.

About $5.1 billion of U.S. and Canadian properties traded hands in June, the largest dollar amount in more than a year according to PLS Inc, global M&A database for such deals.

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