El Paso Closes Acquisition of 70 Bcfe Proved Oil Reserves



El Paso announced that its liquidity at December 31, 2009 was approximately $1.8 billion after closing substantially all of a $103.5 million acquisition of producing properties, primarily in the Altamont-Bluebell field, which is one of El Paso's core producing areas.

"We are entering the year with strong liquidity, and we are already making excellent progress towards our 2010 goals," said Doug Foshee, chairman, president and chief executive officer of El Paso Corporation. "We are particularly pleased with the latest acquisition of oil properties with approximately 70 billion cubic feet equivalent of proved oil reserves at an attractive price of $1.49 per thousand cubic feet equivalent. We will integrate these properties into our existing operations quickly and efficiently, and we expect to add more proved reserves as we further develop these properties."


 


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