By OGJ editors
HOUSTON, Feb. 8 -- XTO Energy Inc., Fort Worth, plans to buy gas producing properties in East Texas and northeastern Mississippi from Total E&P USA Inc. for $300 million.
The deal, which leaves Total E&P with US properties only in the Gulf of Mexico, is to close Feb. 28 and be retroactive to Jan. 1, 2006.
The properties, with 120 bcf of estimated proved reserves, 60% proved developed and 95% gas, produce 15 MMcfd of gas.
The acquired reserves are 75% in the Sabine uplift in Carthage field, where XTO operates, and in Bethany field, new to the company. Maben field, in Oktibbeha County, Miss., "offers potential to increase productivity through different stimulation techniques, uphole recompletions and new horizontal well targets," XTO said