By OGJ editors
HOUSTON, Nov. 29 -- Energen Resources Corp. has signed an agreement to buy Permian basin oil properties from a private company for $168 million.
The properties include the North Westbrook Unit in Mitchell County, Tex., and two smaller fields nearby. They cover about 15,000 acres. Energen Resources has a waterflood project in the contiguous South Westbrook Unit.
The acquired properties have reserves estimated at 21.8 million boe, about 80% undeveloped and mostly oil. Energen estimates the acquisition provides a drilling inventory of 470 wells over the next 6 years.
