By OGJ editors
HOUSTON, Dec. 14 -- Edge Petroleum Corp., Houston, agreed to acquire Anadarko Petroleum Corp.'s stake in Chapman Ranch field oil and gas properties in Nueces County, Tex., for $26 million.
Edge said the transaction, expected to close Dec. 28, means that Edge will operate the properties. Last year, Edge acquired nonoperated interests in seven producing wells from three private companies. The existing stakes involve 44-50% interest in those wells.
Through Anadarko's divestiture, Edge is obtaining an additional interest of 44-50% interest in the seven wells, plus interests in two additional wells. Net production being acquired is 3.6 MMcfd of gas equivalent. Production is 90% gas.
Edge Chairman, Pres. and Chief Executive John Elias estimates there are at least 10 proved undeveloped sites to be drilled plus additional prospects that the company has yet to verify with a 3D seismic survey and a drilling program.
