Plains Exploration & Production Company and a subsidiary of Occidental Petroleum Corporation ("Oxy") have entered into an agreement with an undisclosed third party to acquire 11,500 acres immediately adjacent to PXP's existing Piceance Gas Basin assets.
PXP and Oxy, a 50% owner in our Piceance Gas Basin assets, have agreed to pay $162 million for a 95% working interest comprising approximately 11,500 net acres. PXP will operate these properties which include over 800 future drilling locations and an estimated 75 million barrels of oil equivalent of unproved resource potential net to PXP and Oxy.
The transaction is expected to close by the end of the second quarter subject to customary closing conditions.
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