Comstock Resources Inc. agreed to purchase oil and gas properties from SWEPI LP, an affiliate of Shell Exploration & Production, for $170 million. With the acquisition, Comstock will acquire 11,500 (7,600 net) acres of producing properties in the Dinn Ranch, Fandango, Rosita and Rosita East fields in Duval and Zapata counties in South Texas. The properties include 70 (43.3 net) producing wells that are currently producing 21.9 MMcf/d. Comstock estimates that the properties have net proved developed reserves of approximately 57.8 Bcf. In addition to the proved reserves, the Frisco, TX-based producer estimates that the properties could yield an additional 90 Bcf from future exploitation. The transaction is expected to close in December.

Chevron Corp. is reportedly ready to sell its Aitken Creek natural gas storage facility in northeastern British Columbia to further streamline its Canadian operations. The company has retained CIBC World Markets to help sell the Aitken Creek facility, which is located 75 miles northwest of Fort Saint John, BC. Chevron acquired the facility when it bought Unocal Corp. in 2005. Aitken Creek has current working gas capacity of 48 Bcf. It connects to Duke Energy Gas Transmission and Alliance Pipeline.

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