Privately held Phoenix Exploration Co. LP, Houston, plans to acquire all of the Gulf of Mexico and south Louisiana assets from Cabot Oil & Gas Corp., Houston, (NYSE: COG) and one of its affiliates for $340 million. The purchase includes 240,000 gross acres (187,000 net) with interest in 22 fields onshore and in state waters along the Louisiana Gulf Coast and 34 offshore leases on the Gulf shelf. Production is 52 million cubic feet of gas equivalent per day, with 65% operated by Cabot. Total proved reserves are 98 billion cubic feet of gas equivalent (70% gas), with proved-plus-probable reserves of 135 billion cubic feet equivalent. Cabot also developed 20 exploitation prospects and 35 exploration prospects that Phoenix estimates has unrisked reserve potential of 1.2 trillion cubic feet equivalent.
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