Pure Resources selling fee mineral interests to Black Stone Minerals

Unocal Corp.'s subsidiary, Pure Resources Inc. of Midlands, Tex., agreed to sell certain fee minerals interests it holds in several states to Black Stone Minerals Co. LP, Houston, for $190 million.

March 15, 2004

By OGJ editors
HOUSTON, Mar. 15 -- Unocal Corp.'s subsidiary, Pure Resources Inc. of Midlands, Tex., agreed to sell certain fee minerals interests it holds in several states to Black Stone Minerals Co. LP, Houston, for $190 million.

The purchase price will be adjusted to reflect an effective date of Oct. 1, 2003. The sale is expected to close by the end of the second quarter 2004.

The transaction involves Pure Resources' royalty interests, overriding royalty interests, minor working interests, and subsurface mineral rights on 3.3 million net acres, primarily in Texas, Louisiana, Mississippi, Arkansas, and Alabama.

The assets being sold account for 2,250 boed of production.