Offshore staff
HOUSTON –Plains Exploration & Production Co. (NYSE: PXP) has agreed to acquire Shell Offshore Inc.’s its 50% working interest in the Holstein field for $560 million.
At about mid-year, production from the Gulf of Mexico property was 7,400 boe/d with an average API gravity of 33º.
The transaction is subject to rights, title, and environmental due diligence and other customary closing conditions. This transaction is effective Oct. 1, 2012, and is expected to close by year-end.
9/10/2012
