Energen Resources Corp., the E&P unit of Energen Corp., Birmingham, Ala., (NYSE: EGN) has acquired assets in the
San Juan Basin in New Mexico from Dominion Resources Inc., Richmond, Va., (NYSE: D) for $30 million. The assets are in the Carracas Canyon and include estimated proved-plus-probable reserves of 30 billion cubic feet of gas. The resources are near Energen’s largest base of proved and unproved reserves, and are approximately 22% producing, approximately 51% behind-pipe and proved undeveloped, and the remaining assets are probable. Energy president James McManus says, “This is a great ‘tuck’ acquisition for Energen Resources. We are very excited about the success we have had with horizontal drilling in the overpressured Fruitland Coal; in addition, recent success with drilling sidetracks in this region proved up almost 3 billion cubic feet of reserves in this acquisition in the weeks between the signing of the purchase-andsale agreement and last week’s close.”
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