El Paso Exploration & Production Co., a subsidiary of El Paso Corp., Houston, (NYSE: EP) plans to sell two nonstrategic gas-producing properties in New Mexico, Louisiana and Arkansas to an undisclosed buyer for approximately $77 million.
The assets are in the San Juan Basin in northwest New Mexico and along the Louisiana and Arkansas border in Shongaloo and Spring Hill fields. The New Mexico assets were a part of the acquisition of Peoples Energy in 2007.
Estimated proved reserves are 40 billion cubic feet equivalent. Current production is approximately 15 million cubic feet equivalent per day. The sales have an effective date of December 1, 2008, and are expected to close by the end of January.
Recommended Reading
Oil Prices Rally to Highest Close Since Dec. 1 on China Optimism
2023-01-19 - Brent crude futures gained $1.18, or 1.4%, to settle at $86.16 per barrel, while WTI crude futures rose by $0.85 cents, or 1.1%, to settle at $80.33 per barrel. Those were the highest closing levels for both contracts since Dec. 1.
Oil Prices Broadly Steady Amid Rising US Stockpiles
2023-01-11 - The oil market has been pulled lower by worries that sharply higher interest rate hikes to tame inflation would trigger a recession and curtail fuel demand. U.S. inflation data is due on Jan. 12.
Oil Prices Dip in US Trading as Stockpiles Swell
2023-02-09 - U.S. Brent crude futures fell to $84.40/bbl, while WTI futures slipped to $77.71/bbl.
China Demand Optimism Sets Oil on Track for Strong Weekly Gain
2023-01-13 - As of the morning of Jan. 13, Brent crude futures rose to $84.56/bbl, while WTI crude futures rose to $78.94/bbl.
Oil Prices Edge Higher, Growth Worries Limit Gains
2023-02-06 - Supply concerns continue as Feb. 6 earthquake halts Turkey oil terminal operations.