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SM Energy (SM) Stock Gains After Purchasing Acreage in Texas's Midland Basin

NEW YORK (TheStreet) -- Shares of SM Energy (SM) were soaring 10.52% to $32.36 on heavy trading volume late Monday morning after agreeing topay $980 million to almost double its acreage in the Midland Basin in Texas.

The Denver-based energy company will acquire 24,708 net acres to expand its footprint to about 46,750 net acres in the area. The transaction should add net production of 4,900 barrels of oil per day, SM Energy said in a statement.

The markets may...