Dynamic acquires Gulf of Mexico properties from XTO

Dynamic Offshore Resources has acquired substantially all of the Gulf of Mexico properties of XTO Offshore Inc. and other related subsidiaries of ExxonMobil Corp. for $182.5 million.

Offshore staff

HOUSTON – Dynamic Offshore Resources has acquired substantially all of the Gulf of Mexico properties of XTO Offshore Inc. and other related subsidiaries of ExxonMobil Corp. for $182.5 million.

The acquired assets have current production in excess of 7,000 boe/d, and represent interests in 79 active leases covering about 130,000 net acres on the Gulf of Mexico shelf.

Based on a reserve report prepared by Netherland, Sewell & Associates, Inc. as of July 31, 2011, the acquired assets contain proved reserves of 13.5 MMboe, of which about 40% is oil and 72% is proved developed. Operated properties comprise more than 90% of the proved reserve value and current production.

08/31/2011

More in Company News