XTO acquires $1 billion in properties, leasehold

By OGJ editors
HOUSTON, Feb. 22 -- In more than 25 transactions, Fort Worth independent XTO Energy Inc. has entered into agreements with various parties to acquire producing properties in the southwestern US for a total of $1 billion. The properties are in the company's Eastern and San Juan regions and in the Woodford, Fayetteville, and Barnett shales. The acquisitions are scheduled to close during the first quarter.

The company said the acquisitions will add about 35 MMcfd of gas equivalent to its production base. From the producing property transactions, XTO estimates proved reserves to be 212 bcf of gas equivalent, of which 60% is proved developed. The company added 76,000 net acres in the emerging shale plays.

In its East Texas region, XTO is acquiring 70 bcf of gas equivalent of proved reserves in numerous fields with production of 8 MMcfd of gas equivalent. In the San Juan basin of New Mexico and Colorado, the company purchased 142 bcf of gas equivalent of proved reserves with production of 27 MMcfd of gas equivalent.

The leasehold acquired in the shale plays include 41,000 net acres in the Woodford and 32,000 net acres in the Fayetteville shales, both in Arkansas; and 3,000 net acres in the Barnett shale in Texas. The additions boost the company's total shale leasehold positions to 120,000 net acres in the Woodford, 240,000 net acres in the Fayetteville, and about 250,000 net acres in the Barnett, of which 50% is in the core.

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