Riley Permian to sell New Mexico midstream project, shares up

Shares of oil and gas co Riley Exploration Permian REPX.A rise 1.2% at $27.50

Co to sell its New Mexico subsidiary Dovetail Midstream to Targa Northern Delaware for about $111 million in a cash deal

REPX says it will also sell certain compressor station assets to Targa for about $10 million, with closing expected by the end of Q1 2026

Company also has the right to earn up to an additional $60 million in cash payments, contingent on achieving certain volume-based performance thresholds over five years

Including session's moves, REPX down ~14% YTD