Acreage

Just one week after Concho Resources Inc. added considerably to its oil and gas acreage in the Permian Basin of New Mexico through its completed acquisition of Marbob Energy Corp. assets, the Midland, TX-based producer said Friday that it has acquired additional oil and gas assets, predominately located on the New Mexico Shelf of the basin, for approximately $285 million.

Apache Corp. has completed the acquisition of BP plc’s oil and gas operations, acreage and infrastructure in the Permian Basin of West Texas and New Mexico (see Daily GPI, July 21). The Houston-based producer paid $3.1 billion to acquire 10 Permian field areas with estimated proved reserves of 141 million boe, first-half 2010 net production of 15,110 b/d of liquids and 81 MMcf/d of gas, and two operated gas processing plants. The transaction also included 1.7 million gross acres in prospective areas of the basin. BP will continue to operate the properties on Apache’s behalf through Nov. 30. Completion of Apache’s acquisition of BP assets in Canada and Egypt is awaiting approvals.

SandRidge Energy Inc. has signed a letter of intent with an undisclosed independent producer to sell some of its deep acreage rights in the natural gas-rich Cana Shale in Oklahoma for $140 million in cash.

SandRidge Energy Inc. has signed a letter of intent with an undisclosed independent producer to sell some of its deep acreage rights in the natural gas-rich Cana Shale in Oklahoma for $140 million in cash. The Oklahoma City-based producer would retain the shallow drilling rights; it said has no associated proved reserves or current production from the deep rights to be sold. Proceeds from the sale, to be completed before the end of September, would be used to pay down existing debt. The transaction is not expected to affect a pending merger with Arena Resources Inc. (see NGI, April 12).

Considering a decline in service costs, acreage leasehold expirations, an increase in oil drilling and the anticipation of higher natural gas prices, U.S. rig count assumptions for 2010 weren’t optimistic enough, energy analysts said last week.

Considering a decline in service costs, acreage leasehold expirations, an increase in oil drilling and the anticipation of higher natural gas prices, U.S. rig count assumptions for 2010 weren’t optimistic enough, energy analysts said Tuesday.

Miller Petroleum Inc., which explores for natural gas and oil in Alaska and Tennessee, has significantly upped its net reserves and acreage after acquiring the Alaska assets of bankrupt Pacific Energy Resources.

Miller Petroleum Inc., which explores for natural gas and oil in Alaska and Tennessee, has significantly upped its net reserves and acreage after acquiring the Alaska assets of bankrupt Pacific Energy Resources.

Berry Petroleum Co., which plucked a bushel of natural gas-rich acreage in East Texas last month, sees some opportunity for bolt-on acquisitions, the CEO said Friday.