Marathon buys stake in Eagle Ford from Denali Oil & Gas

By OGJ editors
HOUSTON, Nov. 29
-- Marathon Oil Corp. plans to pay Denali Oil & Gas $10 million in a transaction that marks Marathon’s entry into the Eagle Ford shale formation in the South Texas counties of Wilson and Atascosa.

Along with paying $10 million, Marathon agreed to drill and complete four wells to earn 17,000 net acres.

In addition to the transaction announced on Nov. 29, Marathon also said it has two options to purchase Denali's remaining net acres in the Eagle Ford shale. The total value would depend on how much acreage Marathon buys in the future.

Dave Roberts, Marathon’s executive vice-president, upstream, said a key element for Marathon is “targeting unconventional, primarily liquids-rich, resource plays providing low-risk, scalable growth.”

Related Articles

Det Norske to buy Marathon Oil’s Norway business for $2.7 billion

06/02/2014 Det Norske Oljeselskap ASA has entered into a definitive agreement to acquire Marathon Oil Norge AS, a wholly owned subsidiary of Marathon Oil, for...

Marathon to buy retail unit from Hess for $2.87 billion

05/22/2014 Speedway LLC, a subsidiary of Marathon Petroleum Corp. (MPC), has agreed to acquire Hess Retail Holdings LLC, the East Coast’s largest chain of com...

Marathon proposes expansion at Garyville refinery

04/24/2014 Marathon Petroleum Corp. is taking the next step toward construction of a proposed $2.2-2.5 billion upgrade to its 522,000-b/d Garyville, La., refi...



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