By the OGJ Online Staff
HOUSTON, Mar. 27�Ocean Energy Inc., Houston, agreed to buy all oil and gas assets of EnSight Resources LLC, based in Shreveport, La., for about $121 million, officials said.
Those properties are located primarily in East Texas and northern Louisiana, with total proved reserves estimated at 104 bcf of natural gas equivalent. Some 88% of the reserves are gas, with production of 23 MMcfd of gas equivalent. The deal is expected to close by Apr. 20, with an effective date of Jan. 1.
�These assets are ideally situated in and around existing Ocean-operated properties and complement our strong position in East Texas and north Louisiana," said John D. Schiller, executive vice-president of operations.
�We have identified a significant number of opportunities that will enhance our project inventory and create operational synergies that will benefit our cost structure in this area," he said.
