Resolute Natural Resources Company and Navajo Nation Oil and Gas Company Announce Acquisition of ExxonMobil Greater Aneth Field Assets
Posted on: Wednesday, 26 April 2006, 18:00 CDT
DENVER and WINDOW ROCK, Ariz., April 26 /PRNewswire/ -- Resolute Natural Resources Company (Resolute) and Navajo Nation Oil and Gas Company (NNOG) announced today that they have completed the purchase of ExxonMobil's assets in the Greater Aneth Field in southeast Utah. The interests acquired represent approximately 4,690 net barrels per day of light, sweet crude oil. The Greater Aneth Field was discovered in 1956 and, at that time, was one of the largest oil fields ever discovered in the lower 48 states, with estimates of original oil in place of approximately 1.4 billion barrels. The field has produced more than 400 million barrels of oil to date.
Under a cooperative agreement between Resolute and NNOG, Resolute acquired 75% of the ExxonMobil assets and NNOG acquired 25%. When added to the assets in the same field that Resolute and NNOG acquired from Chevron in late 2004 and other interests in the field they jointly acquired since then, the combined assets include 359 active producing wells and 289 active injection wells in the Aneth, McElmo Creek and Ratherford Units. Current daily production to the combined interests in these three enhanced recovery units is approximately 7,260 net barrels of oil per day. Resolute operates all three units.
Resolute and NNOG intend to work cooperatively with the Navajo Nation and local communities to expedite further development of the field. The long term goals of Resolute and NNOG under the cooperative agreement include improving recoveries from the field and assisting NNOG in increasing its mineral holdings and operating capabilities.
Resolute was founded by former members of the executive management of HS Resources, Inc. and by Natural Gas Partners VII, L.P. HS Resources was a New York Stock Exchange oil and gas exploration and production company that was sold to Kerr-McGee in 2001 for approximately $1.8 billion. HS had developed extensive reserves in the Wattenberg Field of the Denver-Julesburg Basin in northern Colorado and conducted successful exploration programs in other parts of the Rocky Mountains and continental United States. Founded in 1988, Natural Gas Partners is an affiliate of NGP Energy Capital Management, a $3.6 billion firm based in Irving, Texas that invests in all sectors of the energy industry.
NNOG is owned by the Navajo Nation with the primary purpose of developing and acquiring ownership and operation of energy resources on Navajo Nation lands. NNOG owns additional interests in the Greater Aneth Field as well as operated and non-operated wells in other areas of the Navajo Nation. NNOG also operates retail gas stations and a crude oil pipeline.
Resolute Natural Resources Company
CONTACT: Rick Betz of Resolute Natural Resources Company,+1-609-750-9100, or rbetz@rnrc.net; or Wilson Groen of Navajo Nation Oil andGas Company, +1-928-871-8501, or wgroen@nnogc.net
Source: PRNewswire
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