BG Group announced it signed a sale and purchase agreement with EXCO Resources for the divestment of all its interests in the shallow, non-core, conventional producing assets and acreage in the Cotton Valley formation for a consideration of $132.5 million.
These assets, covering approximately 54,165 net leasehold acres across East Texas and North Louisiana, are not required to be held by BG Group in order to hold, drill and produce the undeveloped Haynesville/Bossier formation shale reserves which lie beneath the Cotton Valley formation.
Closing of this transaction is expected in the first quarter of 2013.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you