By OGJ editors
HOUSTON, June 10 -- Fort Worth independent XTO Energy Inc. plans to acquire privately held Hunt Petroleum Corp. of Dallas and other associated entities for $4.186 billion in a cash-stock deal.
Terms call for XTO to pay $2.6 billion in cash and 23.5 million shares of XTO common stock valued at $1.6 billion, or $67.50/share. Closing is expected by Sept. 3.
Engineers estimate Hunt's proved reserves at 1.052 tcf of gas equivalent, with 62% being proved developed. Hunt's production is 197 MMcfd of gas, 8,500 b/d of oil, and 2,300 b/d of natural gas liquids.
Of the reserves, 70% is in East Texas as well as central and northern Louisiana. Another 28% of the reserves, both onshore and offshore, are along the Gulf Coast in Texas, Louisiana, Mississippi, and Alabama.
XTO also is acquiring more than 300,000 net acres of potential in the North Sea and 15,000 net acres of leasehold in the Bakken shale region of North Dakota.
Total acreage for producing properties and undeveloped leasehold is 919,409 net acres.
