By OGJ editors
HOUSTON, Oct. 13 -- Newfield Exploration Co., Houston, and Exxon Mobil Corp. have agreed to jointly explore and develop 52,000 gross acres of ExxonMobil's properties in Kenedy, Starr, and Hidalgo counties in South Texas.
Newfield said the joint venture will drill 30-40 wells over the next 3 years on the properties, which lie in its core South Texas activity area.
Newfield entered South Texas in 2000 and owns interests in more than 200,000 gross acres in the region. It has increased net production to more than 200 MMcfd of gas equivalent.