XTO Completes Producing Property Trade With ConocoPhillips

XTO Energy has traded producing properties, located primarily in Texas and New Mexico, with ConocoPhillips. Daily production volumes exchanged are about 1,800 barrels of oil equivalent. For XTO, the transaction adds working interests to its operated properties in the East Texas Freestone Trend, the San Juan Basin and the recently acquired Permian Basin's Goldsmith Field. The Company expects to realize additional growth opportunities through its ongoing development programs within these vital areas. In the trade, XTO conveyed its non-strategic interests in COP operated properties in the San Juan and Permian basins, along with a fractional interest in Alaska.

"This trade allows both parties to expand their production on key operated properties. For XTO, the deal further highlights our ongoing resolve to build value within our concentrated asset base," stated Bob R. Simpson, Chairman and Chief Executive Officer. "With the Company's financial strength, we intend to continue our history of profitable growth through choice acquisitions, development drilling and other innovative transactions. Our team is working hard for the future even as we fine-tune the details of our business today."