BKV Corp. has closed on the $750 million purchase from ExxonMobil subsidiaries XTO Energy Inc. and Barnett Gathering LLC of a package of upstream and midstream natural gas assets in the Barnett Shale.

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The transaction, first announced in May, includes about 160,000 net acres in the Barnett, primarily in Tarrant, Johnson and Parker counties. They include “low decline wells, ideal for delivering consistent cash flow, and high average working interests of approximately 93% in over 2,100 wells with operatorship positions,” Denver-based BKV said Friday. The deal also includes about 750 miles of gathering pipelines, compression and processing midstream infrastructure.

“We are excited to get started and build upon the strengths and legacy of the XTO team as we drive future growth in...