ARCO SELLS MORE LOWER 48 ASSETS

Dec. 14, 1992
Castle Energy Corp., Blue Bell, Pa., has acquired oil and gas assets from ARCO for $94.534 million. ARCO late last month divested other Lower 48 assets valued at a combined $360 million in a flurry of transactions with three U.S. independent producers (OGJ, Dec. 7, p. 26). Included in the latest deal is a 77 mile intrastate natural gas pipeline, several gas contracts, and interests in about 100 producing oil and gas wells. The pipeline is in Rusk County, Tex., and includes high and low pressure

Castle Energy Corp., Blue Bell, Pa., has acquired oil and gas assets from ARCO for $94.534 million.

ARCO late last month divested other Lower 48 assets valued at a combined $360 million in a flurry of transactions with three U.S. independent producers (OGJ, Dec. 7, p. 26).

WHAT'S INVOLVED

Included in the latest deal is a 77 mile intrastate natural gas pipeline, several gas contracts, and interests in about 100 producing oil and gas wells.

The pipeline is in Rusk County, Tex., and includes high and low pressure gathering lines, dehydration units, and six compressor stations.

The oil and gas well interests, also in Rusk County, include operating rights and proved producing reserves estimated at more than 19 bcf of gas and 100,000 bbl of condensate.

The gas contracts are between producers and the pipeline and between the pipeline and an intrastate pipeline company.

Castle purchased the assets through three partnerships, CEC Gas Marketing LP, Castle Texas Production LP, and Castle Texas Pipeline LP, all 100% owned units of Castle.

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