The Magic 8 Ball has revealed its secrets. Denver-based Franklin Mountain Energy, one of the Permian’s last, larger private E&Ps, has officially planted a For Sale sign in its Delaware yard. For potential buyers with target lists to expand their Delaware foothold or add to their Midland position, this news could well spell Candy Land. Now, it’s just a matter of the right deal and the right amount of dollar signs to wrap up another basin acquisition where remaining holdouts may well hold all the cards.

Reese Energy Consulting today is following the latest from Franklin Mountain, which is sitting pretty in the proverbial cat bird’s seat these days with quite a story to tell as to how it’s managed to become one of the N.M., Delaware’s largest privately held oil and gas producers—and a standout among the remaining holdouts.

Here’s how the story goes. Following the $5.8 billion sale of his El Paso-based Western Refinery in 2017, Paul Foster took a hot minute to gather six partners and dive back into the oil biz, this time on the upstream side, going on to launch self-funded Franklin in 2018. With zero PE capital and frankly none wanted, the group pooled their own resources that same year to scoop up 4,041 Delaware acres at a BLM auction, followed by an acquisition two weeks later that added another 4,280 acres there. In short order, Franklin Mountain turned an initial 50 BOED at a then $38 per barrel into a now 50 MBOED as of this June. A fine fetch to be had in the $3 billion range, we hear. But maybe just a starting bid.