By OGJ editors
HOUSTON, Apr. 28 -- A Denver independent operator and a Navajo nation entity have closed the purchase of ExxonMobil Corp.'s assets in giant Greater Aneth field in southeastern Utah's Paradox basin.
Resolute Natural Resources Co., Denver, and Navajo Nation Oil & Gas Co., Window Rock, Ariz., acquired the field's other oil producing units from Chevron Corp. in late 2004 and have jointly acquired other interests in the field since then (OGJ Online, Nov. 12, 2004).
Resolute and NNOG intend to work cooperatively with the Navajo nation and local communities to expedite further development of the field. Long-term goals include improving recoveries and assisting NNOG in increasing its mineral holdings and operating capabilities.
Resolute acquired 75% of the ExxonMobil assets and NNOG acquired 25%. Consideration was not revealed.
The combined acquired assets total 359 active producing wells and 289 active injection wells in the Aneth, McElmo Creek, and Ratherford units. These three Resolute-operated enhanced recovery units produce 7,260 net b/d of light, sweet crude oil, including 4,690 b/d on the ExxonMobil properties.
Natural Gas Partners VII LP, Irving, Tex., and executives of the former HS Resources Inc. founded Resolute. The Navajo nation owns NNOG.
Greater Aneth has produced more than 400 million bbl of oil of 1.4 billion bbl judged originally in place. When discovered in 1956 it was one of the Lower 48 states' largest oil fields.