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The Midland, Texas, oil and gas explorer didn't reveal the name of the seller, but a source said it was Natural Gas Partners-backed Luxe Energy.
Barclays increased its target price for the stock as Energen (EGN) makes deals to sell its non-core assets in the Delaware and San Juan Basins.
Energen (EGN) stock is higher as Credit Suisse increased its price target on the company.
Operators in low-cost plays such as those in the Permian and Anadarko basins are being heralded by industry followers as the safest bets in stronger commodity environment.