Newfield Completes Acquisition of Stone's Rocky Mountain Assets
Newfield Exploration has closed its previously announced acquisition of Stone Energy's Rocky Mountain assets for $577.9 million. These assets increase Newfield's existing presence and provide an entry into large developments in many of the Rocky Mountain's most attractive areas.
The acquisition was financed through borrowings under Newfield's revolving credit agreement but will ultimately be funded through proceeds from the Company's previously announced $1.1 billion sale of all of its Gulf of Mexico shelf producing assets, which is expected to close in the third quarter of 2007. Other planned divestitures currently underway include: two producing fields in Bohai Bay, China, all assets in the U.K. North Sea and smaller property packages onshore Texas and Oklahoma.
The Rocky Mountain acquisition will add proved reserves of approximately 200 Bcfe, probable and possible reserves of more than 150 Bcfe and nearly 600,000 net acres. Newfield now has operations in the Green River Basin in the prolific Pinedale and Jonah Fields (Wyoming), the Williston Basin (Montana and North Dakota), the Powder River Basin (Wyoming), the Northern Denver-Julesburg Basin (Wyoming) and an additional 51% interest in the deep rights below Newfield's Monument Butte Field in the Uinta Basin (Utah).
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Company: Stone Energy Corporation more info
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