Apache acquires, sells properties

Apache Corp. completed the sale of its 55% interest in the deepwater section of Egypt's West Mediterranean Concession to Amerada Hess Corp. for $413 million.

Jan. 25, 2006

By OGJ editors
HOUSTON, Jan. 25 -- Apache Corp. completed the sale of its 55% interest in the deepwater section of Egypt's West Mediterranean Concession to Amerada Hess Corp. for $413 million.

Apache also completed its purchase of Amerada Hess's interests in eight fields in the Permian basin of West Texas and New Mexico, including six operated, for $269 million. The number of acquired properties was reduced as a result of third parties exercising preferential rights to buy additional interests in some of the fields.

Proved reserves of Apache's acquisition were estimated at 27 million bbl of crude and 27 bcf of natural gas at the end of 2005. The fields currently produce 3,000 b/d of crude, 6 MMcfd of gas, and 285 b/d of NGL.