ExxonMobil Corp. subsidiary XTO Energy Corp. is selling some operated and nonoperated assets in the Gulf of Mexico Shelf, according to the Oil & Gas Asset Clearinghouse, the transaction adviser. Projected net production in August 2011 for the package of assets is 30 MMcf/d of natural gas and 4,200 b/d of oil, with cash flow of $13 million (90% operated). The blocks to be sold include 154 producing wells and 74 platforms at Main Pass/Breton Sound/South Pass; South Marsh Island/Vermilion; East and West Cameron; Eugene Island; Ship Shoal; and High Island. Operators also include Apache Corp. and Eni U.S. Operating Co. Inc. The data room opens May 10, with bids due June 2. Contact Heather Adamson at firstname.lastname@example.org or (832) 601-7679; or Verna Ray at email@example.com or (832) 601-7662.
Chesapeake Energy Corp. subsidiary Nomac Acquisition Inc. has launched a cash tender offer to purchase all outstanding shares of Bronco Drilling Co. Inc.'s common stock. Chesapeake is offering to acquire Bronco in a cash tender offer and subsequent merger for about $315 million, including debt, net working capital and outstanding warrants (see Daily GPI, April 18). Once the tender offer is completed Bronco shareholders would receive $11.00 in cash for each share of common stock tendered. Once the transaction is completed Bronco would become an indirect wholly owned subsidiary of Chesapeake.
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