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.

Related Articles

DOE to store CO2, recover CBM simultaneously

08/06/2008 In a new program, the US Department of Energy and its Southwest Regional Partnership recently began to inject carbon dioxide into a large coal bed ...

Plains E&P to acquire Pogo in $3.6 billion deal

07/17/2007 Plains Exploration & Production Co. has agreed to acquire Pogo Producing Co. in a cash and stock deal valued at $3.6 billion.

CNX Gas to buy Peabody's CBM, gas rights

06/14/2007 CNX Gas Corp., Pittsburgh, is buying the coalbed methane and gas interests of Peabody Energy Corp., St. Louis, for $66.5 million.

Dominion sells oil, gas assets in deals totaling $6.5 billion

06/04/2007 Loews Corp. and XTO Energy Inc. agreed to buy certain oil and natural gas producing properties in two separate deals from Dominion Resources Inc. f...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected