Lonestar Resources is making major inroads into the Eagle Ford with new acquisitions.

Related: Lonestar Announces Strong Q1

Lonestar announced this week that is will purchase 30,210 gross acres in the Eagle Ford Shale region of south Texas. The $116.6 million deal will include properties in Karnes, F+Gonzales DeWitt, Lavaca and Fayette Counties. 

The acquisition will make a huge impact on Lonestar's value by increasing oil and gas production by 39%. The purchase increases the company's lease holdings by 59% and its drilling locations by 70%.

Through the rest of 2017, Lonestar plans to spend $62 to $72 million on drilling and completion operations. The company already has an eye on a drilling plan 2018 that will include 18 gross / 16 net wells, costing of $85 to $95 million.  

During a first quarter earnings call, Lonestar executives reported a 15% production growth during the three months ending March 31, 2017. The company also reduced Lease Operating and Gas Gathering Costs ("LOE") by 15% during the quarter, compared to $3.5 million over Q4 2016.  Executives expect production to grow at an accelerated rate through the rest of 2017.