ChevronTexaco's North America Upstream unit said Wednesday that it will offer to sell more than 100 producing properties throughout North America in several regional packages. The company's noted that its net share of production from the properties offered totals approximately 25,000 boe/d of production. Located primarily in California, Texas, Louisiana (both onshore and the outer continental shelf), Oklahoma, Wyoming and Alberta, the multiple packages of properties will be offered beginning this month, with bids due at various times through August. ChevronTexaco said it expects to complete the sale of all properties by the end of the third quarter of this year. "This offer of sale is part of ChevronTexaco's ongoing portfolio optimization program and is designed to improve operating efficiency and position the company for the right balance of future growth and returns," said Ray Wilcox, president of ChevronTexaco North America Upstream.
Stafford, TX-based Output Exploration, LLC (OPEX) said it has purchased interests in 32 producing properties on the Vinton Salt Dome in Calcasieu Parish, LA, in Custer County, OK and in Solano County, CA from Saga Petroleum Corp. for $1.75 million. The acquisition increases OPEX's working interests in these core areas to levels ranging from 50 to 75%. "Our acquisition of Saga's interests strengthens our ability to pursue future exploration and development activities in our primary areas of operation," said Robert A. Brook, OPEX's CEO. "In addition to consolidating our position, we have identified several prospects we intend to drill in 2003 to further develop the properties as well as several opportunities to pursue to enhance production." OPEX is involved in the exploration for and the development and production of natural gas, natural gas liquids and crude oil in California, Louisiana, Oklahoma and Texas.
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