Plains Exploration & Production Co. (PXP) and a subsidiary of Occidental Petroleum Corp. (Oxy) agreed to pay $162 million to an undisclosed third party to jointly acquire 11,500 net acres in the Piceance Basin. The leasehold is adjacent to PXP’s existing Piceance Basin natural gas assets (see Daily GPI, April 19, 2007). The agreement gives PXP and Oxy a 95% working interest in the acreage. Plains plans to operate the leasehold and estimated that it includes more than 800 future drilling locations and 75 million boe net potential of unproved reserves. The transaction is expected to close by the end of September.
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DTE Sells Portion of Barnett Shale Stake for $260M
DTE Energy on Friday agreed to sell a portion of its Barnett Shale natural gas properties in Texas to an undisclosed third party for $260 million. The properties include 153 Bcf of proved and probable reserves on 11,000 net acres in the core of the play.
XTO Builds Barnett Shale Position, Reports Record 3Q Production
XTO Energy Inc. built its position in the Barnett Shale of Texas Tuesday by announcing it paid $550 million to acquire 24,000 net acres from several undisclosed parties. Initially the properties, with estimated proved reserves of more than 200 Bcfe, will add about 25 MMcfe/d to XTO’s production base, but company engineers have identified another 300-350 drilling locations, which offer the potential to more than double the holdings’ reserves.
AIG-FP Now Joint Owner of Tenaska Gas Marketing Business
AIG Financial Products Corp.(AIG-FP) on Tuesday completed its 50% partnership purchase of Tenaska Energy’s closely held natural gas marketing companies. The transaction, for an undisclosed amount, was announced last month (see Daily GPI, March 16).
Anadarko Selling Portion of GOM K2 Interest for $1.2B
Anadarko Petroleum Corp. said last Monday it agreed to sell a portion of its interest in the K2 Unit in the Gulf of Mexico to two undisclosed parties for $1.2 billion effective Jan. 1, 2007.
Anadarko Selling Portion of GOM K2 Interest for $1.2B
Anadarko Petroleum Corp. said Monday it agreed to sell a portion of its interest in the K2 Unit in the Gulf of Mexico to two undisclosed parties for $1.2 billion effective Jan. 1, 2007.
Industry Brief
Maverick Oil and Gas Inc., a junior independent based in Dallas, is selling its interests in some Barnett Shale properties in Wise County, TX, to an undisclosed buyer for $22.5 million. About $20 million of the proceeds will be used to repay outstanding debt. Maverick now will look for assets with near-term cash flow to support the company’s operations and to complement its long-term resource play in the Fayetteville Shale of Woodruff County, AR, according to CEO James A. Watt. Maverick has about 125,000 acres in the Fayetteville Shale.
Merrill Invests $150M in Privately Held E&P
A subsidiary group of Merrill Lynch & Co. Inc. has invested $150 million into privately held Leor Exploration & Production LLC, giving it an undisclosed stake in the Houston-based producer. Leor is targeting natural gas in the Deep Bossier trend of Texas and Louisiana.
FERC OKs Sale of Transwestern Laterals to Dallas Midstream Firm
FERC on Wednesday gave Transwestern Pipeline the go-ahead to sell its East of Canadian River (ECR) pipeline facilities to a Dallas, TX-based midstream company for an undisclosed amount.
Black Hills Nearly Doubles Piceance Basin Acreage, Buys Koch Assets
Black Hills Corp. said Thursday it purchased 40 Bcf of Piceance Basin gas reserves from Koch Exploration for an undisclosed sum. The company said the deal nearly doubles its acreage position in the Piceance of western Colorado, which has become one of the Rocky Mountain region’s hottest drilling areas and a major supply source for proposed gas pipeline expansions out of the region.