Mission buys New Mexico properties - January 25, 2004

Providing coverage of Alaska and northern Canada's oil and gas industryJanuary 2004

Vol. 9, No. 4

Week of January 25, 2004

Mission buys New Mexico properties

Petroleum News

Houston-based independent Mission Resources said Jan. 15 that it has agreed to buy an 80 percent operated working interest in the Jalmat Field in Lea County, N.M., for $26.7 million in cash. The seller was not disclosed.

Net production from the properties, located in the Permian basin, is about 4.8 million cubic feet of gas equivalent. Mission said it expected to book roughly 25 billion cubic feet of equivalent reserves from the properties this year, adding that it would use proceeds from property divestitures and some cash to pay for the acquisition.

“This acquisition reflects our strategy of shifting our production mix towards gas, increasing our percentage of operated properties, and driving down unit operating costs,” said Robert Cavnar, Mission’s chief executive officer.

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