Exco Resources To Buy Haynesville/Bossier Shale Properties From Southwestern Energy Co.
In a press release issued this week, oil and natural gas explorer Exco Resources Inc. announced its plans to buy part of the Haynesville and Bossier shale properties in East Texas from Southwestern Energy Co. at a price of $355 million.
The deal comes less than a month after Exco sold 50 per cent of its shale assets in Appalachia to British gas producer BG Group Plc for $835.2 million.
The new properties that Exco plans to acquire are located within the area of mutual interest that was established by that acquisition, meaning that BG will have the opportunity to buy 50 per cent of these properties as well.
Exco execs don’t forsee this being a problem, however:
“Assuming BG Group participates in the acquisition, Exco and BG Group will each double their working and net revenue interests in much of the common acreage,” Dallas, Texas-based Exco said.
Exco said the purchase will increase its interest in over 900 gross drilling locations. The assets include producing properties with current gross production of more than 51 million cubic feet per day (Mmcf/d) from 9 producing wells and about 20,000 net acres prospective for the Haynesville and Bossier shales.
Short URL: http://naturalgasforamerica.com/?p=864
Posted by admin
on June 24th, 2010. Filed under Haynesville Shale, Shale Basins.
You can follow any responses to this entry through the RSS 2.0.
You can leave a response or trackback to this entry
[...] (KMP.N) for $875 million in April and said it would reduce its rig count in the “gassy” Haynesville and double it in the liquid-focused Eagle Ford shale in [...]