McMoran completes GoM shelf acquisition
McMoran has completed its $1.1 billion acquisition of Newfield's Gulf of Mexico shelf properties. The transaction is effective July 1, 2007.
NEW ORLEANS -- McMoran has completed its $1.1 billion acquisition of Newfield's Gulf of Mexico shelf properties. The transaction is effective July 1, 2007.
Included in the acquisition are 124 fields on 148 blocks, which produced 260 MMcfe/d of natural gas in the second quarter. Proved reserves from these properties as of July 1 are estimated at 323 bcfe of natural gas
"The acquisition of Newfield's GoM shelf properties provides us with significant reserves and production together with expanded exploration opportunities in our focused area of operations," says James R. Moffet and Richard C. Adkerson, McMoran's co-chairmen. "The substantial cash flows being generated from these properties will allow us to deliver rapidly and invest in high potential exploration and development opportunities."
McMoRan also acquired from Newfield 50% interest in its non-producing shelf exploration leases and interest in the company's Treasure Island prospect inventory.