Nuevo selling Orcutt Hill field in California to unidentified buyer

Nuevo Energy Co., Houston, announced the sale of Orcutt Hill field and several surface tracts in California for $12.9 million to a privately owned company that asked not to be publicly identified, a Nuevo spokeswoman said.

Aug. 28, 2003

By OGJ editors
HOUSTON, Aug. 28 -- Nuevo Energy Co., Houston, announced the sale of Orcutt Hill field and several surface tracts in California for $12.9 million to a privately owned company that asked not to be publicly identified, a Nuevo spokeswoman said.

Orcutt Hill was the last California oil field Nuevo owned outside San Joaquin basin. Average net production was 1,235 b/d, accounting for 2% of Nuevo's total production.

Sale proceeds will be used to eliminate a portion of bank debt, which had a balance outstanding of $66.2 million on June 30, Nuevo said.