XTO to buy BNK's Oklahoma Woodford shale gas assets

ExxonMobil Corp.’s XTO Energy Inc. subsidiary will buy Woodford shale gas assets in Tishomingo field in south-central Oklahoma from BNK Petroleum Inc., Camarillo, Calif., for $147.5 million.

The Caney and Upper Sycamore formations are excluded from the sale, closing of which is set for late April.

Assuming that the transaction is completed, BNK plans to use the proceeds to accelerate the drilling of Caney wells in Tishomingo field, the company’s exploration efforts in Europe, and to repay a credit facility.

BNK said the transaction is structured to preserve its rights in the relatively undeveloped Caney and Upper Sycamore formations, which BNK said offer promising oil potential. A drilling rig is mobilizing to the next planned Caney well, Barnes 6-3H, to spud shortly. The rig is under contract to drill two wells with the option for two more wells.

Related Articles

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

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