Endeavour to buy Marcellus shale properties

By OGJ editors
HOUSTON, July 18
– A unit of Endeavour International Corp., Houston, will buy Marcellus shale assets in north-central Pennsylvania from SM Energy Co. for $80 million.

SM Energy is selling its entire noncore leasehold position in the play consisting of 42,000 net acres and pipelines. The acreage has three producing wells that averaged 2 MMcfd of gas equivalent in the quarter ended Mar. 31. Booked reserves were 5.6 bcfe, 50% proved developed, at the end of 2010.

Closing is expected in the last quarter of 2011 retroactive to Apr. 1. SM Energy said the sale brings its 2011 divestitures to more than $1 billion year to date.

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