By OGJ editors
HOUSTON, Oct. 23 -- XTO Energy Inc. has acquired 24,000 net acres in the Barnett Shale from multiple parties for $550 million.
The Fort Worth independent estimates the assets' proved reserves to be more than 200 bcf of gas equivalent. The acquisitions will initially add 25 MMcfd of gas equivalent to the firm's production base.
XTO has identified an additional 300-350 drilling locations on the properties for future development. XTO's position in the Barnett Shale play now includes about 240,000 net acres.
The company plans to operate about 20 drilling rigs to develop its acreage in the shale area, it said. So far this year it has invested more than $300 million in compression, processing, and pipeline infrastructure in the play area.