Privately owned Merit Energy Co., Dallas, has acquired substantially all of the Louisiana portion of the Gulf of Mexico assets from The Houston Exploration Co., Houston, (NYSE: THX) for $590 million in cash. The assets include proved reserves estimated at 186.1 billion cubic feet of gas equivalent. The company will retain interests in 18 offshore exploration leases in Louisiana and plans to engage in some combination of drilling, farm-outs and sales on the additional blocks. The proceeds of the Louisiana sale will be used to develop existing assets, acquire additional properties in U.S. onshore basins, pay outstanding debt and repurchase the company's common shares.
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