Ocean Energy buys EnSight Resources properties

Ocean Energy Inc., Houston, agreed to buy all oil and gas assets of EnSight Resources LLC, based in Shreveport, La., for about $121 million, officials said. Those properties are located primarily in East Texas and northern Louisiana, with total proved reserves estimated at 104 bcf of natural gas equivalent.


By the OGJ Online Staff


HOUSTON, Mar. 27�Ocean Energy Inc., Houston, agreed to buy all oil and gas assets of EnSight Resources LLC, based in Shreveport, La., for about $121 million, officials said.

Those properties are located primarily in East Texas and northern Louisiana, with total proved reserves estimated at 104 bcf of natural gas equivalent. Some 88% of the reserves are gas, with production of 23 MMcfd of gas equivalent. The deal is expected to close by Apr. 20, with an effective date of Jan. 1.

�These assets are ideally situated in and around existing Ocean-operated properties and complement our strong position in East Texas and north Louisiana," said John D. Schiller, executive vice-president of operations.

�We have identified a significant number of opportunities that will enhance our project inventory and create operational synergies that will benefit our cost structure in this area," he said.

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