XTO Energy Completes Bakken Shale Acquisition for $1.8 Billion in Cash and Stock; Agrees to Acquire Additional 100,000 Acres
2008年7月16日 - 6:33AM
PRニュース・ワイアー (英語)
FORT WORTH, Texas, July 15 /PRNewswire-FirstCall/ -- XTO Energy
Inc. (NYSE:XTO) has closed its previously announced acquisition of
producing oil properties from Headington Oil Company for $1.05
billion in cash consideration and 11,742,391 shares of XTO common
stock for total consideration of $1.8 billion. The purchase
includes 352,000 net acres of Bakken Shale leasehold in Montana and
North Dakota. XTO Energy's internal engineers estimate proved
reserves on the properties to be 68 million barrels of oil
equivalent, of which 60% are proved developed. The acquisition will
add about 10,000 barrels of oil equivalent per day of production.
In addition, the Company has agreed to acquire 100,000 net
undeveloped acres in the play and 400 barrels per day of production
for approximately $115 million from undisclosed parties in separate
transactions. "With these deals, XTO now becomes a leading operator
in perhaps the largest oil resource play in the nation, with more
than 450,000 net acres. As with all our other acquisitions, our
objective is to more than double the proved reserves through the
application of cutting-edge technology. Given the opportunities in
the Bakken through horizontal drilling, multiple stimulations and
enhanced recovery, we anticipate the potential for even more,"
stated Keith A. Hutton, President. "Currently, our team has four
drilling rigs at work with plans to increase the activity to six
rigs during the first half of 2009. Early well results are
encouraging with a recent producer, completed in the Middle Bakken,
flowing at a rate of 650 barrels per day. At the same time, we have
expansive coverage of the emerging Sanish-Three Forks play as
established by production rates on offsetting acreage. XTO will
soon spud its first horizontal well into this interval." XTO Energy
Inc. is a domestic natural gas producer engaged in the acquisition,
exploitation and development of quality, long-lived oil and natural
gas properties in the United States. Its properties are
concentrated in Texas, New Mexico, Arkansas, Oklahoma, Kansas,
Wyoming, Colorado, Alaska, Utah, Louisiana, Mississippi, Montana,
North Dakota, Pennsylvania and West Virginia. This release can be
found at http://www.xtoenergy.com/. Statements made in this news
release, including those relating to the proved and proved
developed reserves, future proved reserves, daily production
increases, size of the resource play, number of rigs during the
first half of 2009 and timing of spudding new wells in new
intervals are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements are based on
assumptions and estimates that management believes are reasonable
based on currently available information; however, management's
assumptions and the Company's future performance are both subject
to a wide range of business risks and uncertainties and there is no
assurance that these goals and projections can or will be met. Any
number of factors could cause actual results to differ materially
from those in the forward-looking statements, including, but not
limited to, the availability of drilling equipment and personnel,
the timing and results of drilling activity, higher than expected
production costs and other expenses and failure to close on
acquisition of the additional acreage in the Bakken Shale. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements. Further information on risks and
uncertainties is available in the Company's filings with the
Securities and Exchange Commission. DATASOURCE: XTO Energy Inc.
CONTACT: Louis G. Baldwin, Executive Vice President & Chief
Financial Officer, +1-817-870-2800, or Gary D. Simpson, Senior Vice
President, Investor Relations & Finance, +1-817-870-2800, both
of XTO Energy Inc. Web site: http://www.xtoenergy.com/
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