By OGJ editors
HOUSTON, Apr. 7 -- XTO Energy Inc. agreed to acquire 55,631 net acres of Fayetteville shale leasehold acreage, including producing properties, from Southwestern Energy Co. for $520 million.
Upon completion, the acquisition will expand XTO's position in the Fayetteville shale to more than 300,000 net acres. Closing is expected by May 5.
XTO Energy Pres. Keith A. Hutton said the acreage being acquired is contiguous to the Fort Worth, Tex., company's core development footprint.
"With the pipeline infrastructure already in place, our immediate plans include using four drilling rigs in 2008 and at least six rigs in 2009," Hutton said. "We expect proved reserves attributable to this acquisition to grow to 160 bcfe this year and at least 325 bcfe by yearend 2009."