XTO Energy to Acquire Producing Properties and Leasehold for $1 Billion
Posted on: Thursday, 14 February 2008, 03:00 CST
XTO Energy has entered into definitive agreements with multiple parties to acquire producing properties located in its eastern and San Juan regions, Philippines, US, and to purchase acreage positions in the Woodford, Fayetteville and Barnett shales for a total of about $1 billion.
From the producing property transactions, XTO Energy's internal engineers estimate proved reserves to be 212 billion cubic feet of gas equivalent (bcfe) of which approximately 60% are proved developed. These acquisitions will add about 35 million cubic feet of natural gas equivalent per day (mmcfe/d) to the company's growing production base. In the emerging shale plays, the company added 76,000 net acres to expand its drilling inventory.
In its eastern region, XTO is acquiring 70bcfe of proved reserves in numerous fields with daily production of 8mmcfe. In the San Juan Basin, the company purchased 142bcfe of proved reserves with daily production of 27mmcfe.
The leasehold acquired in the shale plays included 41,000 net acres in the Woodford, 32,000 net acres in the Fayetteville and 3,000 net acres in the Barnett. The company's total leasehold positions in these shale basins now include 120,000 net acres in the Woodford, 240,000 net acres in the Fayetteville and about 250,000 net acres in the Barnett, of which 50% is in the core. The acquisitions are scheduled to close during the first quarter of 2008.
Source: Datamonitor
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