Offshore Staff
FORT WORTH, Texas -- XTO Energy has entered into a definitive merger agreement with privately-held Hunt Petroleum Corp. and other associated entities for $4.186 billion.
XTO Energy's internal engineers estimate proved reserves on the properties to be 1.052 tcfe, of which 62% are proved developed. Daily production of 197 MMcf of natural gas, 8,500 bbl of oil, and 2,300 bbl of natural gas liquids will be added to XTO's production base upon closing of the transaction.
The acquired properties are primarily concentrated in XTO's eastern region including east Texas, central, and northern Louisiana, where 70% of the reserves are located. Another 28% of the reserves, both onshore and offshore, are along the Gulf Coast of Texas, Louisiana, Mississippi, and Alabama.
Non-operating interests, reflecting more than 300,000 net acres of potential in the North Sea and the balance of proved reserves, will also be conveyed in the deal.
The acquisition is scheduled to close by Sept. 3, 2008.
06/11/2008
