Approximately 75% of the acquired reserves are located in the Company's Sabine Uplift region of East Texas. These premium properties expand XTO's presence in the Carthage Field and establish a new position in the Bethany Field. The remaining reserves are located in the highly prolific Maben Field of Mississippi which is characterized by its high per-well production rates and reserves at a premium natural gas price.
"We continue to acquire great producing properties, from the Majors, which build opportunities for the future," stated Keith A. Hutton, President. "The properties in the Sabine Uplift complement our ongoing development program with long-lived production and additional inventory. In Mississippi, the Maben Field offers potential to increase productivity through different stimulation techniques, uphole recompletions and new horizontal and vertical well targets. As always, our team will remain focused on pursuing bolt-on acquisitions throughout the year."
The transaction is scheduled to close on or before February 28, 2006. The final closing price will reflect a net revenue adjustment from the effective date, typical closing and post-closing adjustments.
XTO Energy Inc. is a domestic energy producer engaged in the acquisition, development and discovery of quality, long-lived oil and natural gas properties in the United States. Its properties are concentrated in Texas, New Mexico, Arkansas, Oklahoma, Kansas, Wyoming, Colorado, Alaska, Utah and Louisiana.
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