XTO Energy to buy Barnett shale producer

XTO Energy Inc., Ft. Worth, has agreed to purchase privately held Antero Resources Corp., Denver, a Barnett shale gas producer, for $685 million.

Jan. 12, 2005

By OGJ editors

HOUSTON, Jan. 12 -- XTO Energy Inc., Ft. Worth, has agreed to purchase privately held Antero Resources Corp., Denver, a Barnett shale gas producer, for $685 million.

The purchase, about half cash and half XTO equity, is to close April 1.

XTO will acquire 440 bcfe of gas reserves, 41% developed, producing a net 60 MMcfd. The properties involve 61,000 net acres, mostly in Tarrant, Parker, and Johnson counties, Tex.

XTO held 80,000 net acres in the Barnett shale play before the transaction.