Apache Corp., Denver, will more than double its hydrocarbon reserves and production with the planned purchase of Amoco Production Co. oil and gas assets.
Apache will pay $515 million plus 2 million shares of its common stock for net proved reserves of about 63 million bbl of oil and 288 bcf of gas. The transaction, expected to close by midyear, will be underwritten by a loan from First Chicago Corp. and Chemical Bank.
Separately, Apache has sold most of its natural gas properties in the Texas and Oklahoma panhandles to Maxus Energy Corp. for $51 million cash. The deal entails interests in about 300 wells, mostly in Ochiltree and Lipsco...