Texas-West

Energen Resources Corp., Birmingham, Ala., will buy West Texas Permian basin assets in the Wolfberry trend from a private seller for $185 million.

Aug. 23, 2010

By OGJ editors
HOUSTON, Aug. 23 – Energen Resources Corp., Birmingham, Ala., will buy West Texas Permian basin assets in the Wolfberry trend from a private seller for $185 million.

Energen has identified 142 proved undeveloped and 50 probable locations on the 8,700 net acres to be acquired. The bulk of the acquisition is in Martin County, Tex. Closing is set by Sept. 30.

Estimated proved reserves to be acquired total 18.0 million bbl of oil equivalent, 89% proved undeveloped, 65% oil, and 22% natural gas liquids.

The company plans to drill more than 30 Wolfberry wells on its existing properties in 2010.