XTO Energy completes acquisition of San Juan Basin coalbed methane, natural gas properties

Petroleum News Houston staff

XTO Energy has completed the previously announced acquisition of coalbed methane and natural gas producing properties in the San Juan Basin of New Mexico and Colorado from Markwest Hydrocarbon Inc. of Denver, Colo., for $51 million, XTO said July 1.

The final closing price reflects closing adjustments and a reduction of $7.9 million withheld for a preferential purchase rights which must be exercised by July 16, 2003, the company said.

The acquisition will contribute about 8,200 million cubic feet per day of natural gas to the company’s production base beginning July 1.