Mission Resources Acquires Additional Stake in Jalmat Field

Mission Resources has acquired approximately 14% additional working interest in the Jalmat Field in Lea County, N.M. for $3.6 million cash, before customary adjustments. The additional working interest, which was acquired from 13 separate sellers, includes 4.7 Bcf equivalent of proved reserves and 750 Mcf equivalent per day of production. Mission now owns an approximately 94.5% operated working interest in this field.

"This acquisition of additional interest in the Jalmat Field continues our strategy of increasing our percentage of natural gas reserves," said Robert L. Cavnar, Mission's chairman, president and chief executive officer. "In addition, with only one remaining non-operator in the field, instituting our planned capital program will be simpler and more efficient."