Fort Worth-based XTO Energy Inc. closed its acquisition of Peak Energy Resources Inc., a Barnett Shale producer, for equity consideration of 2.555 million shares of XTO common stock (see Daily GPI, June 2). The price was increased by approximately $5.4 million in cash consideration to acquire an additional 3,600 net acres, bringing the total net leasehold acquired to about 37,000 acres. During June, XTO repurchased 2.2 million shares of its common stock in the open market at an average price of $37.74/share.
“XTO has earned a position in the Barnett Shale as the second largest producer and most active driller through a focused strategy of aggregating leasehold in areas where our geoscientists expect the greatest potential,” said CEO Bob Simpson. “The Peak acreage, production and infrastructure fortifies our foothold in a premier region of the noncore Barnett. With more than 200,000 net acres across the play, XTO is well positioned for years of low-risk development drilling ahead. Importantly, we will continue to hand-pick our property additions where drilling favors strong deliverability, tighter spacing and healthy economics.”
XTO is engaged in acquisition, exploitation and development of gas properties with activities concentrated in Texas, New Mexico, Arkansas, Oklahoma, Kansas, Wyoming, Colorado, Alaska, Utah, Louisiana and Mississippi.
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