Mission Resources Sells Goldsmith and Wasson Fields for $56.5 Million
Mission Resources has signed a definitive agreement selling non-operated interests in the Goldsmith and Wasson oil fields, located in Ector and Yoakum Counties, Texas, to XTO Energy for $56.5 million in cash, before customary adjustments. Net production associated with these fields is approximately 1,000 barrels of oil equivalent per day. The Company intends to hold the proceeds as cash until the merger with Petrohawk closes.
"We are receiving very good value for these non-operated Permian
Basin properties, and we believe that this sale will better align
Mission's strategic goals of decreasing unit operating expense and
raising our percentage of operated properties," said Robert L.
Cavnar, Mission's Chairman, President and Chief Executive Officer.
"Our successful 2005 drilling efforts are expected to more than offset
the modest daily production being sold."
- Mission Resources Sells Goldsmith and Wasson Fields for $56.5 Million (Jul 05)
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