EEX Corp. agreed to sell nearly all of its properties in EastTexas and North Louisiana, containing 250 Bcfe of proved naturalgas reserves, to Cross Timbers Oil Co. for $265 million. Theeffective date of the sale is Jan. 1, 1998 with closing expected inthe second quarter.
“We are proceeding with our previously announced strategy tore-deploy the value of our onshore U.S. properties into Gulf ofMexico and International opportunities. The sale of East Texasrepresents a significant step toward that goal,” said CES TomHamilton. Proceeds from the sale will be used to fund thepreviously announced purchase of additional interests in Indonesia.
As a part of the sale, EEX will retain any obligation that mayexist under agreements with Encogen One Partners, Ltd.
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