XTO Energy completes $164 million San Juan basin acreage acquisition

Petroleum News Alaska Staff

XTO Energy Inc. completed the final portion of its previously announced $164 million in property transactions July 1.

The company said the final transaction was the acquisition of $42 million (net of purchase price adjustments) of producing properties in the San Juan basin of New Mexico from Marathon Oil Co. with daily production of approximately 13 million cubic feet of natural gas, 465 barrels of natural gas liquids and 30 barrels of oil.

“The acquisition of these producing properties is another strategic step in delivering long-lived production and high-quality reserves to our shareholders,” said Bob Simpson, XTO chairman and chief executive officer.

Steffen Palko, the company’s vice chairman and president, said the acreage is “mostly contiguous to our existing leasehold, where our development plans have consistently increased both production and reserves.”