Edge Petroleum Corp., Houston, (Nasdaq: EPEX) plans to acquire properties in Nueces County, Texas, from Anadarko Petroleum Corp., The Woodlands, Texas, (NYSE: APC) for $26 million in cash. The assets are also known as the Chapman Ranch Field, where Edge acquired an approximate 50% nonoperated working interest in seven producing wells from three private companies last year. Edge will acquire an additional 44% to 50% in those same wells, as well as take over operatorship. The acquired properties consist of nine producing wells (4.9 net) with net production of 3.6 million cubic feet of gas equivalent per day (90% gas). Net proved reserves are approximately 9.2 billion cubic feet equivalent (6.4 billion net proved undeveloped). Edge chairman, president and chief executive John W. Elias says, “Our lack of control over the operations made it very difficult for us to exploit the full potential of the property in an acceptable manner. However, in anticipation of our making this purchase, we elected to move forward with a new 3-D seismic program over the field and surrounding area.” Edge estimates there are at least 10 proved undeveloped locations. The deal will be funded using the company’s current credit facility and is expected to close by Dec. 28.
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