XTO Energy buys ExxonMobil properties

July 5, 2005
XTO Energy Inc., Fort Worth, Tex., bought producing properties in the Permian basin from ExxonMobil Corp. for $215 million with a transaction effective date of Jan. 1, 2005.

By OGJ editors
HOUSTON, July 5 -- XTO Energy Inc., Fort Worth, Tex., bought producing properties in the Permian basin from ExxonMobil Corp. for $215 million with a transaction effective date of Jan. 1, 2005.

XTO Energy estimates 21.1 million boe proved reserves, 75% being proved developed. The acquisition is expected to initially add 3,800 boe/d, of which 83% is oil. The company is targeting a 25% production rate increase in 2 years.

Significant producing properties in the acquisition package include Vacuum field of Lea County, NM, and Cordona Lake field in Crane County, Tex. Other producing fields in the package include Goldsmith in Ector County, Tex., St. Lawrence in Glassock County, Tex., and Blanco in Rio Arriba County, NM.