By OGJ editors
HOUSTON, Sept. 29 -- EnCana Oil & Gas (USA) Inc. agreed to pay $80 million for 300,000 acres in the Maverick basin of Southwest Texas from Exploration Co. of Delaware Inc., San Antonio.
EnCana Oil & Gas, a subsidiary of EnCana Corp. of Calgary, also agreed to buy 50% interest in an additional 220,000 acres from Exploration Co. That acreage involves the northern portion of Maverick basin below the Glen Rose formation, including the Pearsall and Jurassic formations.
Closing is expected by Sept. 30. Exploration Co. will retain an interest in the Glen Rose formation under the entire block and the San Miguel formation in Pena Creek field. The company will retain interests in 670,000 gross acres in the Maverick basin.
