Midland, TX-based Costilla Energy Inc. and ONEOK Inc. formed astrategic alliance to capitalize on properties Costilla plans toacquire from Pioneer Natural Resources Co. as well as otherpotential transactions. Tulsa, OK-based ONEOK will participate inCostilla’s previously announced $335 million acquisition of oil andgas properties from Pioneer (assuming it is successful) through anequity investment in Costilla preferred stock.
Articles from Midland
Midland, TX-based Clayton Williams Energy Inc. will acquire morethan 65 Bcf of gas equivalent reserves in east Texas from SonatExploration Co. The company executed a purchase and sale agreementwith Sonat to acquire the assets for about $46.5 million. Thetransaction is effective April 1. The assets are concentrated inthree east Texas fields and consist mainly of long-life gasreserves with significant potential for behind-pipe re-completionsand developmental drilling. Clayton Williams will assume operationson substantially all of the acquired properties at closing,expected to occur by Nov. 20.