Constellation Energy to buy Newfield CBM assets

Constellation Energy Partners LLC, Baltimore, plans to buy coalbed methane properties in the Cherokee basin of northeastern Oklahoma for $128 million from Newfield Exploration Co., Houston.

Aug 3rd, 2007

By OGJ editors
HOUSTON, Aug. 3 -- Constellation Energy Partners LLC, Baltimore, plans to buy coalbed methane properties in the Cherokee basin of northeastern Oklahoma for $128 million from Newfield Exploration Co., Houston.

Production to be acquired is 10 MMcfd from proved reserves estimated at 45 bcf gas equivalent. The transaction includes more than 650 producing wells, 80,000 net acres, and a 350-mile gathering system.

The sale is expected to close in the third quarter.

More in General Interest