By OGJ editors
HOUSTON, Jan. 13 -- Newfield Exploration Co. and Anadarko Petroleum Corp. plan to jointly acquire TXCO Resources Inc.'s assets in the Maverick basin for as much as $310 million.
The final amount will be determined at closing, which is expected in February. The closing is subject to bankruptcy court approval. TXCO, San Antonio, filed for Chapter 11 bankruptcy protection in May 2009.
The transaction involves acreage in the Eagle Ford and Pearsall shale plays in southwest Texas.
Newfield will acquire more than 350,000 gross acres in Maverick basin (300,000 net acres) for $217 million.
Current net production of the assets being acquired by Newfield is 1,500 boe/d—two thirds of which is oil.
An Anadarko subsidiary plans to acquire more than 80,000 net acres from TXCO for $93 million. Anadarko already had 180,000 net acres in this area.
Lee Boothby, Newfield president and chief executive officer, said this transaction marks Newfield’s entry into Maverick basin, where he expects an active drilling program this year.
US Bankruptcy Judge Ronald B. King is handling the TXCO case at the Western District’s office in San Antonio.
TXCO executives said the bankruptcy filing stemmed from extreme volatility in energy prices and the economic downturn.
According to the bankruptcy filing, TXCO had assets of $431.9 million and total debts of $322.8 million.